EquityPandit’s Outlook for NIFTY FMCG for the week (April 22,2019 – April 26,2019):
NIFTY FMCG Index closed the week on positive note gaining +564.00 Points +1.88%
Weekly High: 30828.1
Weekly Low: 29998.3
Weekly Close: 30558.95
Strong buying in last two week has been seen in Nifty FMCG index and the trend may continue towards upside as we have seen breakout from classical triangle pattern on daily charts. Technically on the daily charts we see minor support on the downside for index lies at 30400- 30450 levels, whereas minor resistance on the upside is capped around 30900- 31000 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 30200- 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 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 30200- 30100 on downside.