EquityPandit’s Outlook for NIFTY FMCG for the week (Jan 27, 2020 – Jan 31, 2020):

NIFTY FMCG:

NIFTY FMCG Index closed the week on positive note gaining 103.45 Points 0.33%.

Weekly High: 31,546.80

Weekly Low: 30,995.30

Weekly Close: 31,474.90

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 31150 levels, whereas minor resistance on the upside is capped around 31700-31750 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 30900 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 32000.

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 30900 on downside and 32000 on upside.

Weekly Pivot Level For Nifty CNX FMCG Index:

RESISTANCE 2: 31,890

RESISTANCE 1: 31,682

SUPPORT 1: 31,131

SUPPORT 2: 30,787