EquityPandit’s Outlook for NIFTY FMCG for the week (Nov 4, 2019 – Nov 8, 2019):

NIFTY FMCG:

NIFTY FMCG Index closed the week on positive note gaining 764.25 Points 2.41%.

Weekly High: 32,591.30

Weekly Low: 31,526.70

Weekly Close: 32,449.85

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 32000 levels, whereas minor resistance on the upside is capped around 32950-33000 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 31500 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 33250.

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 31800 on downside and 33250 on upside.

RESISTANCE 2: 33,253

RESISTANCE 1: 32,851

SUPPORT 1: 31,787

SUPPORT 2: 31,124