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NIFTY FMCG Weekly Outlook and Analysis:
For the Week: (Sept 07,2020 – Sept 11,2020)
NIFTY FMCG Index closed the week on negative note losing 424.80 points 1.36%.
Weekly High: 31,457.85
Weekly Low: 30,475.85
Weekly Close: 30,828.65
Weekly Support & Resistance For Nifty Index:
| RESISTANCE 2 | 31,902 |
| RESISTANCE 1 | 31,365 |
| SUPPORT 1 | 30,383 |
| SUPPORT 2 | 29,938 |
NIFTY FMCG index has witness lower low and lower highs pattern on daily chart. We expect index likely to continue this corrective pattern in coming days.
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 30400 levels, whereas minor resistance on the upside is capped around 31300–31350 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 30000 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 31800.
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 30100 on downside and 31700 on upside.
