EquityPandit’s Outlook for NIFTY FMCG for the week (Nov 11, 2019 – Nov 15, 2019):

NIFTY FMCG Index closed the week on negative note losing 502.35 Points 1.55%.

Weekly High: 32,644.90

Weekly Low: 31,907.40

Weekly Close: 31,947.50

NIFTY FMCG:

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 31500 levels, whereas minor resistance on the upside is capped around 32600-32650 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 31250 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 32950.

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 31300 on downside and 32650 on upside.

WEEKLY PIVOT LEVELS FOR NIFTY FMCG:

RESISTANCE 2: 32,904

RESISTANCE 1: 32,425

SUPPORT 1: 31,688

SUPPORT 2: 31,429