EquityPandit’s Outlook for NIFTY FMCG for the week (Jan 06, 2020 – Jan 10, 2020):

NIFTY FMCG:

NIFTY FMCG Index closed the week on negative note losing 36.20 Points 0.12%.

Weekly High: 30,367.75

Weekly Low: 30,050.75

Weekly Close: 30,109.25

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 29900 levels, whereas minor resistance on the upside is capped around 30450-30500 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 29600 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 30750.

Currently NIFTY FMCG index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 29700 on downside and 30600 on upside.

RESISTANCE 2: 30,492

RESISTANCE 1: 30,301

SUPPORT 1: 29,984

SUPPORT 2: 29,858