EquityPandit’s Outlook for NIFTY FMCG for the week (Feb 17, 2020 – Feb 21, 2020):

NIFTY FMCG:

NIFTY FMCG Index closed the week on negative note losing 162.75 Points 0.53%.

Weekly High: 31,205.90

Weekly Low: 30,375.35

Weekly Close: 30,646.75

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 30300 levels, whereas minor resistance on the upside is capped around 31100-31150 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 29900 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 31500.

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 30000 on downside and 31350 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 31,573

RESISTANCE 1: 31,109

SUPPORT 1: 30,279

SUPPORT 2: 29,912