NIFTY FMCG Weekly Outlook and Analysis:

For the Week: (June 14,2021 – June 18,2021)

NIFTY FMCG  Index closed the week on positive note gaining 508.95 points 1.45%.

Weekly High: 35,901.75

Weekly Low: 35,199.50

Weekly Close: 35,646.95

Weekly Support & Resistance For Nifty FMGC Index:

NIFTY FMCG index opened tad higher and rallied in early part of the week. Index registered fresh fifty tow weeks high after gap of eight weeks. Index manage to end above its strong resistance zone amid lackluster trading activity. We expect index likely to continue this up trend with choppiness going forward.

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 35300 levels, whereas minor resistance on the upside is capped around 35950-36000 levels.

If NIFTY FMCG index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 34800 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 36500.

Currently NIFTY FMCG index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 35000 on downside and 36300 on upside.