EquityPandit’s Outlook for NIFTY FMCG for the week (Mar 18, 2019 – Mar 22, 2019) :
NIFTY FMCG Index closed the week on positive to flat note gaining only +7.65 Points (+0.03%).
Weekly High: 30628.9
Weekly Low: 29754.2
Weekly Close: 29953.40
Called as safe heaven due always increasing demand, FMCG index has seen a sell off from week’s high and closed near to week’s low. Technically on the daily charts we see minor support on the downside for index lies at 29000- 29100 levels, whereas minor resistance on the upside is capped around 31000- 31100 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 27000- 27100 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 33000- 33100
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 31000- 31100 on upside and 29000- 29100 on downside.