EquityPandit’s Outlook for NIFTY FMCG for the week (May 11, 2020 – May 15, 2020):

NIFTY FMCG:

NIFTY FMCG Index closed the week on negative note losing 1909.50 Points 6.66%.

Weekly High: 28,235.45

Weekly Low: 25,984

Weekly Close: 26,759.80

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 25700 levels, whereas minor resistance on the upside is capped around 27500–27600 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 24500 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 28500.

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 25000 on downside and 28300 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 29,244

RESISTANCE 1: 28,002

SUPPORT 1: 25,750

SUPPORT 2: 24,741