EquityPandit’s Outlook for NIFTY FMCG for the week (July 27,2020 – July 31, 2020):

NIFTY FMCG:

NIFTY FMCG Index closed the week on negative note losing 420.45 points 1.34%.

Weekly High: 31,708

Weekly Low: 30,653.40

Weekly Close: 31,018.85

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 30500 levels, whereas minor resistance on the upside is capped around 31600–31700 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 32300.

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 31000 on downside and 32100 on upside.

WEEKLY PIVOT LEVELS:

 
RESISTANCE 2: 32,181

RESISTANCE 1: 31,600

SUPPORT 1: 30,545

SUPPORT 2: 30,072