EquityPandit’s Outlook for NIFTY FMCG for the week (April 15, 2019 – April 19, 2019):
NIFTY FMCG Index closed the week on positive note gaining +664.55 Points +2.22%
Weekly High: 30582.25
Weekly Low: 29731.2
Weekly Close: 30533.70
Strong buying attraction has been seen in Nifty FMCG index and is signs of weakness in broader market. On the daily charts fresh trend line breakout has been seen and uptrend in FMCG index may continue. 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 30500- 30600 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.