EquityPandit’s Outlook for NIFTY FMCG for the week (July 22, 2019 – July 26, 2019):
NIFTY FMCG Index closed the week on negative note loosing –224.45 Points –0.77%
Weekly High: 29685.95
Weekly Low: 28936.90
Weekly Close: 29027.55
RESISTANCE 2: 29966
RESISTANCE 1: 29497
SUPPORT 1: 28748
SUPPORT 2: 28468
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 28900 levels, whereas minor resistance on the upside is capped around 29120-29200 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 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 29500.
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 29500 on upside and 28400 on downside.