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NIFTY FMCG Weekly Outlook and Analysis:
For the Week: (Aug 24,2020 – Aug 28,2020)
NIFTY FMCG Index closed the week on positive note gaining 366.45 points 1.17%.
Weekly High: 31,911.25
Weekly Low: 31,179.05
Weekly Close: 31,604.40
Weekly Support & Resistance For Nifty Index:
| RESISTANCE 2 | 32,297 |
| RESISTANCE 1 | 31,950 |
| SUPPORT 1 | 31,218 |
| SUPPORT 2 | 30,832 |
NIFTY FMCG index has formed rising wedge pattern on daily chart. Index trading at support zone of this wedge. If Index experience breakdown of this support zone further selling pressure lead the index much lower.
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 31200 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 30700 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 30900 on downside and 32300 on upside.
