EquityPandit’s Outlook for NIFTY FMCG for the week (June 1, 2020 – June 5, 2020):

NIFTY FMCG:

NIFTY FMCG Index closed the week on positive note gaining 1510.85 points 5.44%.

Weekly High: 29,384.90

Weekly Low: 27,742.25

Weekly Close: 29,296.95

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 28300 levels, whereas minor resistance on the upside is capped around 29800–29850 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 27300 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 30800.

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 27500 on downside and 30500 on upside.

Weekly Pivot Levels:
RESISTANCE 2: 30,450

RESISTANCE 1: 29,873

SUPPORT 1: 28,231

SUPPORT 2: 27,165