NIFTY FMCG Weekly Outlook and Analysis:

For the Week: (Aug 10,2020 – Aug 14,2020)

NIFTY FMCG Index closed the week on positive note gaining 618.15 points 2.00%.

Weekly High: 31,597

Weekly Low: 30,674.45

Weekly Close: 31,490.60

Weekly Support & Resistance Levels for Nifty FMCG Index:

NIFTY FMCG index has resume its uptrend after sideways corrective action on daily charts. Index will likely to continue this up move, momentum indicator also came out from oversold zone and signal bullish activity.

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 31000 levels, whereas minor resistance on the upside is capped around 31750–31850 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 30500 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 32500.

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 30800 on downside and 32300 on upside.