EquityPandit’s Outlook for NIFTY FMCG for the week (March 02, 2020 – March 06, 2020):

NIFTY FMCG:

NIFTY FMCG Index closed the week on negative note losing 1326 Points 4.33%.

Weekly High: 30,590

Weekly Low: 29,151.8

Weekly Close: 29,310.25

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 28900 levels, whereas minor resistance on the upside is capped around 29700-29800 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 28300 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 30200.

Currently NIFTY FMCG index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 284000 on downside and 30000 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 31,122

RESISTANCE 1: 30,216

SUPPORT 1: 28,778

SUPPORT 2: 28,245