EquityPandit’s Outlook for NIFTY FMCG for the week (April 01, 2019 – April 05, 2019):
NIFTY FMCG Index closed the week positive note gaining +122.55 Points (+0.41%).
Weekly High: 30443.75
Weekly Low: 29787.90
Weekly Close: 30321.40
Currently nifty FMCG index is trading in consolidation range of 30600- 29800, no clear diction is predictable for the index and once should wait for the clear breakout. Technically on the daily charts we see minor support on the downside for index lies at 29800- 29700 levels, whereas minor resistance on the upside is capped around 30600- 30700 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 index towards major support on lower side around 28900- 29000 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 31100- 31300
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 31100- 31300 on upside and 28900- 29000 on downside.