NIFTY FMCG Weekly Outlook and Analysis:

For the Week: (May 10,2021 – May 14,2021)

NIFTY FMCG Index closed the week on a positive note gaining 500.05 points 1.49%.

Weekly High: 34,233.55

Weekly Low: 33,505.20

Weekly Close: 34,123.50

Weekly Support & Resistance For Nifty Index:

NIFTY FMCG index opened a tad lower and soon recovered all previous trading session losses at the start of the week. The index traded lacklustre and range bound throughout the week than after and ended on a positive note. We expect the index likely to continue this up move in muted fashion going forward.

Technically on the daily charts, we see minor support on the downside for the NIFTY FMCG index lies at 33600 levels, whereas mi-nor resistance on the upside is capped around 34450-34500 levels.

If the NIFTY FMCG index breaches minor support on the downside and closes below it, we may see a fresh break down and the index can drag towards major support on the lower side around 33100 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 34900.

Currently, the NIFTY FMCG index is trading above 200 days exponential moving average and suggests the long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 33300 on the downside and 34800 on the upside.