EquityPandit’s Outlook for NIFTY FMCG for the week (July 15, 2019 – July 19, 2019):
NIFTY FMCG Index closed the week on negative note loosing –721.25 Points –2.41%
Weekly High: 29999.95
Weekly Low: 29056.55
Weekly Close: 29252
RESISTANCE 2: 30380
RESISTANCE 1: 29816
SUPPORT 1: 28872
SUPPORT 2: 28493
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 29150 levels, whereas minor resistance on the upside is capped around 29300-29350 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 28950 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 29650.
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 29650 on upside and 28950 on downside.