EquityPandit’s Outlook for NIFTY FMCG for the week (Aug 05, 2019 – Aug 09, 2019):
NIFTY FMCG Index closed the week on negative note loosing –211.55 Points –0.73%
Weekly High: 29248.70
Weekly Low: 28514.30
Weekly Close: 28930.75
RESISTANCE 2: 29632
RESISTANCE 1: 29282
SUPPORT 1: 28547
SUPPORT 2: 28164
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 28600 levels, whereas minor resistance on the upside is capped around 29400-29500 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 27800 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 30000.
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 30000 on upside and 27800 on downside.