EquityPandit’s Outlook for NIFTY FMCG for the week (May 26, 2020 – May 29, 2020):

NIFTY FMCG:

NIFTY FMCG Index closed the week on positive note gaining 827.45 points 3.07%.

Weekly High: 28,051.25

Weekly Low: 26,653.95

Weekly Close: 27,786.1

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 26900 levels, whereas minor resistance on the upside is capped around 28400–28500 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 26000 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 29300.

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 26500 on downside and 29000 on upside.

Weekly Pivot Levels:
RESISTANCE 2: 28,894

RESISTANCE 1: 28,340

SUPPORT 1: 26,942

SUPPORT 2: 26,099