NIFTY FMCG Weekly Outlook and Analysis:

For the Week: (Aug 03,2020 – Aug 07,2020)

NIFTY FMCG closed the week on negative note losing 146.40 points 0.47%.

Weekly High: 31,183.15

Weekly Low: 30,582.75

Weekly Close: 30,872.45

Nifty FMCG Weekly Support and Resistance Levels:

NIFTY FMCG index is trading sideways after uptrend on daily charts. Index is trading at support of rising trend line and momentum indicator also in oversold zone. We expect index will likely to resume its uptrend.

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 30500 levels, whereas minor resistance on the upside is capped around 31200–31300 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 30000 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 32000.

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 30200 on downside and 31800 on upside.