EquityPandit’s Outlook for NIFTY FMCG for the week (July 8, 2019 – July 12, 2019):
NIFTY FMCG Index closed the week on positive note gaining +427.20 Points +1.45%
Weekly High: 30151.30
Weekly Low: 29568.75
Weekly Close: 29973.25
RESISTANCE 2: 30480
RESISTANCE 1: 30227
SUPPORT 1: 29644
SUPPORT 2: 29315
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 29630 levels, whereas minor resistance on the upside is capped around 30350-30400 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 29340 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 30800.
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 30800 on upside and 29340 on downside.