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NIFTY FMCG Weekly Outlook and Analysis:
For the Week: (Oct 05,2020 – Oct 09,2020)
NIFTY FMCG Index closed the week on positive note gaining 376.05 points 1.27%.
Weekly High: 30,155.95
Weekly Low: 29,396.80
Weekly Close: 30,009.55
Weekly Support & Resistance For Nifty Index:
| RESISTANCE 2 | 30,613 |
| RESISTANCE 1 | 30,311 |
| SUPPORT 1 | 29,552 |
| SUPPORT 2 | 29,094 |
NIFTY FMCG index has witnessed reversal on daily charts. Index formed bullish harami candle pattern on weekly charts, which suggest further up move in index. We expect index could witness short covering rally if it close above falling trend line resistnace zone at 30600 levels.
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 29500 levels, whereas minor resistance on the upside is capped around 30500–30600 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 29000 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 31100.
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 29200 on downside and 30900 on upside.
