EquityPandit’s Outlook for NIFTY FMCG for the week (March 09, 2020 – March 13, 2020):

NIFTY FMCG:

NIFTY FMCG Index closed the week on negative note losing 373.25 Points 1.27%.

Weekly High: 29,913.10

Weekly Low: 28,689.45

Weekly Close: 28,937

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 28450 levels, whereas minor resistance on the upside is capped around 29350–29400 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 28100 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 29700.

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 28200 on downside and 29600 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 30,403

RESISTANCE 1: 29,670

SUPPORT 1: 28,446

SUPPORT 2: 27,956