EquityPandit’s Outlook for NIFTY FMCG for the week (May 18, 2020 – May 22, 2020):

NIFTY FMCG:

NIFTY FMCG Index closed the week on positive note gaining 198.85 Points 0.74%.

Weekly High: 27,765.90

Weekly Low: 26,321.90

Weekly Close: 26,958.65

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 25900 levels, whereas minor resistance on the upside is capped around 27600–27700 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 25100 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 25500 on downside and 28300 on upside.

Weekly Pivot Levels:
RESISTANCE 2: 28,459

RESISTANCE 1: 27,709.

SUPPORT 1: 26,265

SUPPORT 2: 25,571