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NIFTY FMCG Weekly Outlook and Analysis:
For the Week: (Sept 21,2020 – Sept 25,2020)
NIFTY FMCG Index closed the week on negative note losing 511.40 points 1.65%.
Weekly High: 31,153.80
Weekly Low: 30,321.90
Weekly Close: 30,460.85
Weekly Support & Resistance For Nifty Index:
| RESISTANCE 2 | 31,477 |
| RESISTANCE 1 | 30,969 |
| SUPPORT 1 | 30,137 |
| SUPPORT 2 | 29,813 |
NIFTY FMCG index has continued its lower low lower high bearish formation on daily charts. We expect index likely to continue its down trend until it close above the falling trend line at 31000 levels.
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 30100 levels, whereas minor resistance on the upside is capped around 30800–30900 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 29700 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 31500.
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 30000 on downside and 31000 on upside.
