EquityPandit’s Outlook for NIFTY FMCG for the week (May 06, 2019 – May 10,2019):
Weekly High: 30786.2
Weekly Low: 29688.15
Weekly Close: 30440.75
Technically on the daily charts we see minor support on the downside for index lies at 29600– 29500 levels, whereas minor resistance on the upside is capped around 30000– 30100 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 30500– 30600
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 30500– 30600 on upside and 28900– 29000 on downside.