EquityPandit’s Outlook for NIFTY FMCG for the week (Nov 18, 2019 – Nov 22, 2019):

NIFTY FMCG:

NIFTY FMCG Index closed the week on negative note losing 657.80 Points 2.06%.

Weekly High: 32,061.30

Weekly Low: 31,235.30

Weekly Close: 31,289.70

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 30800 levels, whereas minor resistance on the upside is capped around 31800-31850 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 30450 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 32250.

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 30700 on downside and 32000 on upside.

RESISTANCE 2: 32,354

RESISTANCE 1: 31,822

SUPPORT 1: 30,996

SUPPORT 2: 30,702