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NIFTY FMCG Weekly Outlook and Analysis:
For the Week: Sept 28,2020 – Oct 01,2020)
NIFTY FMCG Index closed the week on negative note losing 827.35 points 2.72%.
Weekly High: 30,526.65
Weekly Low: 28,969.35
Weekly Close: 29,633.50
Weekly Support & Resistance For Nifty Index:
| RESISTANCE 2 | 31,267 |
| RESISTANCE 1 | 30,450 |
| SUPPORT 1 | 28,893 |
| SUPPORT 2 | 28,152 |
NIFTY FMCG index has continued its lower low lower high bearish formation on daily charts. Index closed below its 200 day ema which act as resistance now. However, index witnessed reversal at fag end of the week, momentum indicator also in oversold zone. We expect index could witness short covering rally going forward.
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 29100 levels, whereas minor resistance on the upside is capped around 30100–30200 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 28600 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 30700.
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 28800 on downside and 31500 on upside.
