EquityPandit’s Outlook for NIFTY FMCG for the week (Sept 17, 2019 – Sept 21, 2019):
NIFTY FMCG Index closed the week on negative note loosing -57.70 Points -0.20%
Weekly High: 28971
Weekly Low: 28503.45
Weekly Close: 28592.05
RESISTANCE 2: 29156
RESISTANCE 1: 28874
SUPPORT 1: 28407
SUPPORT 2: 28221
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 28400 levels, whereas minor resistance on the upside is capped around 29300-29400 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 28100 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 29700.
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 29700 on upside and 28100 on downside.