EquityPandit’s Outlook for NIFTY FMCG for the week (Aug 26, 2019 – Aug 30, 2019):
NIFTY FMCG Index closed the week on negative note loosing -632.85 Points -2.19%
Weekly High: 29204.10
Weekly Low: 28099.15
Weekly Close: 28257.10
RESISTANCE 2: 29625
RESISTANCE 1: 28941
SUPPORT 1: 27836
SUPPORT 2: 27415
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 27800 levels, whereas minor resistance on the upside is capped around 29000-28900 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 27000 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 29600.
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 29600 on upside and 27000 on downside.