EquityPandit’s Outlook for NIFTY FMCG for the week (July 13,2020 – July 17, 2020):

NIFTY FMCG:

NIFTY FMCG Index closed the week on positive note gaining 292.05 points 0.96%.

Weekly High: 30,919.10

Weekly Low: 30,402.75

Weekly Close: 30,821.15

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 30400 levels, whereas minor resistance on the upside is capped around 31150–31200 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 29800 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 31600.

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 31500 on upside.

WEEKLY PIVOT LEVELS:

RESISTANCE 2: 31,230

RESISTANCE 1: 31,025

SUPPORT 1: 30,509

SUPPORT 2: 30,197