EquityPandit’s Outlook for NIFTY FMCG for the week (April 29,2019 – May 03,2019):
NIFTY FMCG Index closed the week on negative note losing -118.20 Points -0.39%
Weekly High: 30811.30
Weekly Low: 30247.80
Weekly Close: 30440.75
Nifty FMCG index has seen support around trend line support as seen in attached chart. Buying attraction can again resume in Nifty FMGC index this week if it hold the support levels of 30300- 30200.
Technically on the daily charts we see minor support on the downside for index lies at 30300-30200 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 29800- 29700 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 29800- 29700 on downside.