EquityPandit’s Outlook for NIFTY FMCG for the week (Jan 13, 2020 – Jan 17, 2020)

NIFTY FMCG:

NIFTY FMCG Index closed the week on positive note gaining 261.20 Points 0.87%.

Weekly High: 30,393.20

Weekly Low: 29,660.10

Weekly Close: 30,370.45

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 30000 levels, whereas minor resistance on the upside is capped around 30550-30600 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 29800 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 30850.

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 29900 on downside and 30800 on upside.

Weekly Pivot Levels:

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RESISTANCE 2: 30,874

RESISTANCE 1: 30,622

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SUPPORT 1: 29,889

SUPPORT 2: 29,408

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