EquityPandit’s Outlook for NIFTY FMCG for the week (July 20,2020 – July 24, 2020):

NIFTY FMCG:

NIFTY FMCG Index closed the week on positive note gaining 618.15 points 2.01%.

Weekly High: 31,528.40

Weekly Low: 30,633.70

Weekly Close: 31,439.30

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 31900–32000 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 30200 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 32500.

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 30600 on downside and 32200 on upside.

WEEKLY PIVOT LEVELS:

RESISTANCE 2: 32,095

RESISTANCE 1: 31,767

SUPPORT 1: 30,872

SUPPORT 2: 30,305