EquityPandit’s Outlook for NIFTY FMCG for the week (May 13, 2019 – May 17,2019):
NIFTY FMCG Index closed the week on negative note losing -391.50 Points -1.32%
Weekly High: 30442.6
Weekly Low: 29217.05
Weekly Close: 29359.05
Nifty FMCG index has seen breakdown from classical wedge pattern and can head towards lower support levels, Also FMCG index last week broken important support levels of 100 & 200 days exponential moving averages. We can see selling pressure in FMCG major constitutes like ITC, HUL, DABUR, COLPAL etc.
Technically on the daily charts we see minor support on the downside for index lies at 28950– 29000 levels, whereas minor resistance on the upside is capped around 29800– 29900 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 28300– 28400 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 below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 30500– 30600 on upside and 28300– 28400 on downside.