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NIFTY FMCG Weekly Outlook and Analysis:
For the Week: (Aug 31,2020 – Sept 04,2020)
NIFTY FMCG Index closed the week on negative note losing 351.40 points 1.11%.
Weekly High: 31,799.40
Weekly Low: 31,203.70
Weekly Close: 31,253.45
Weekly Support & Resistance For Nifty Index:
| RESISTANCE 2 | 32,014 |
| RESISTANCE 1 | 31,634 |
| SUPPORT 1 | 31,038 |
| SUPPORT 2 | 30,823 |
NIFTY FMCG index has given breakdown of its rising wedge pattern on daily chart. We expect index likely to continue its sideways corrective action in coming days.
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 31600–31650 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 30600 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 30800 on downside and 31800 on upside.
