Signals, Powered By EquityPandit
NIFTY FMCG Weekly Outlook and Analysis:
For the Week: (Feb 01,2021 – Feb 05,2021)
NIFTY FMCG Index closed the week on negative note losing 450.35 points 3.55%.
Weekly High: 34,647.50
Weekly Low: 32,972.25
Weekly Close: 33,121.05
Weekly Support & Resistance For Nifty FMCG Index:
| RESISTANCE 2 | 35,255 |
| RESISTANCE 1 | 34,188 |
| SUPPORT 1 | 32,513 |
| SUPPORT 2 | 31,905 |
NIFTY FMCG index opened tad higher and dragged in opening session of the week tracking broader weakness. Index extended losses at fag end of the week. We expect index likely continue its corrective action until any positive surprise from budget for this sector.
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 32800 levels, whereas minor resistance on the upside is capped around 33500-33600 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 32300 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 34000.
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 33400 on downside and 33800 on upside.
