NIFTY FMCG Weekly Outlook and Analysis:

For the Week: (April 12,2021 – April 16,2021)

NIFTY FMCG  Index closed the week on positive note gaining 378.55 points 1.09%.

Weekly High: 35,442.85

Weekly Low: 34,024.15

Weekly Close: 35,253.10

Weekly Support & Resistance For Nifty FMCG Index:

NIFTY FMCG index opened tad lower and dragged in opening session of the week tracking broader weakness. However, index took rebound from support zone and registered fresh fifty two weeks high at fag end of the week. Index has given breakout of its three months trading range, we expect index likely to continue this uptrend going forward.

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 34800 levels, whereas minor resistance on the upside is capped around 35800-35900 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 34200 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 36500.

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 34500 on downside and 36200 on upside.