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NIFTY FMCG Weekly Outlook and Analysis:
For the Week: (Feb 15,2021 – Feb 19,2021)
NIFTY FMCG Index closed the week on positive note gaining 1523.45 points 4.60%.
Weekly High: 34,818.20
Weekly Low: 32,996.30
Weekly Close: 34,644.50
Weekly Support & Resistance For Nifty FMCG Index:
| RESISTANCE 2 | 35,974 |
| RESISTANCE 1 | 35,309 |
| SUPPORT 1 | 33,487 |
| SUPPORT 2 | 32,331 |
NIFTY FMCG index opened tad higher and rallied in opening session of the week tracking broader recovery. Index extended gain in later half of the week after consolidation. We expect index likely continue this up move going forward, it is wise to adopt buy on dip strategy.
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 34000 levels, whereas minor resistance on the upside is capped around 35000-35100 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 33300 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 35800.
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 33500 on downside and 35600 on upside.
