EquityPandit’s Outlook for NIFTY FMCG for the week (March 23, 2020 – March 27, 2020):

NIFTY FMCG:

NIFTY FMCG Index closed the week on negative note losing 276.40 Points 1.05%.

Weekly High: 26,113.70

Weekly Low: 22,699.05

Weekly Close: 25,931.60

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 24500 levels, whereas minor resistance on the upside is capped around 26900–27000 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 23300 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 28300.

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 28000 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 28,329

RESISTANCE 1: 27,130

SUPPORT 1: 23,715

SUPPORT 2: 21,500