EquityPandit’s Outlook for NIFTY FMCG for the week (March 16, 2020 – March 20, 2020):

NIFTY FMCG:

NIFTY FMCG Index closed the week on negative note losing 2729 Points 9.43%.

Weekly High: 28,530.45

Weekly Low: 23,420.40

Weekly Close: 26,208

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 25200 levels, whereas minor resistance on the upside is capped around 27200–27300 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 23500 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 28400.

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 23500 on downside and 28300 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 31,163

RESISTANCE 1: 28,685

SUPPORT 1: 23,575

SUPPORT 2: 20,942