EquityPandit’s Outlook for NIFTY FMCG for the week (May 4, 2020 – May 8, 2020):

NIFTY FMCG:

NIFTY FMCG Index closed the week on positive note gaining 32.60 Points 0.11%.

Weekly High: 29,233.40

Weekly Low: 28,460.05

Weekly Close: 28,669.30

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 28000 levels, whereas minor resistance on the upside is capped around 29500–29600 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 27200 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 30500.

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 27300 on downside and 30400 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 29,560

RESISTANCE 1: 29,115

SUPPORT 1: 28,341

SUPPORT 2: 28,014