EquityPandit’s Outlook for NIFTY FMCG for the week (June 24, 2019 – June 28, 2019):
NIFTY FMCG Index closed the week on negative note losing –542.25 Points –1.81%
Technically on the daily charts we see minor support on the downside for index lies at 29300 levels, whereas minor resistance on the upside is capped around 29700 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 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 30400
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 30400 on upside and 29000 on downside.