NIFTY FMCG Weekly Outlook and Analysis:

For the Week: (May 31,2021 – June 04,2021)

NIFTY FMCG  Index closed the week on positive note gaining 199.95 points 0.58%.

Weekly High: 35,084.20

Weekly Low: 34,487.55

Weekly Close: 34,890.50

Weekly Support & Resistance For Nifty FMCG Index:

NIFTY FMCG index opened flat and dragged in opening session of the week. However, index recovered early losses in mid week tracking strength in broader indices and ended with muted gain . We expect index likely to continue its lackluster trading activity till broader market remain strong.

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 34450 levels, whereas minor resistance on the upside is capped around 35200-35300 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 34000 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 35800.

Currently NIFTY FMCG index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 34200 on downside and 35700 on upside.