EquityPandit’s Outlook for NIFTY FMCG for the week (Aug 12, 2019 – Aug 16, 2019):
NIFTY FMCG Index closed the week on positive note gaining +371.45 Points +1.28%
Weekly High: 29365.10
Weekly Low: 28489.15
Weekly Close: 29302.20
RESISTANCE 2: 29928
RESISTANCE 1: 29615
SUPPORT 1: 28739
SUPPORT 2: 28176
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 29000 levels, whereas minor resistance on the upside is capped around 29700-29750 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 30200.
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 30200 on upside and 28400 on downside.