Signals, Powered By EquityPandit
NIFTY FMCG Weekly Outlook and Analysis:
For the Week: (Sept 04,2020 – Sept 18,2020)
NIFTY FMCG Index closed the week on positive note gaining 143.60 points 0.47%.
Weekly High: 31,053.25
Weekly Low: 30,407.85
Weekly Close: 30,972.25
Weekly Support & Resistance For Nifty Index:
| RESISTANCE 2 | 31,456 |
| RESISTANCE 1 | 31,214 |
| SUPPORT 1 | 30,568 |
| SUPPORT 2 | 30,165 |
NIFTY FMCG index has witness reversal from mid point of the rising channel. Index formed dragonfly doji candle pattern on weekly charts. We expect index could witness short covering if it close above its falling trend line.
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 30600 levels, whereas minor resistance on the upside is capped around 31200–31300 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 30100 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 31800.
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 30200 on downside and 31700 on upside.
