EquityPandit’s Outlook for NIFTY FMCG for the week (Sept 2, 2019 – Sept 6, 2019):
NIFTY FMCG Index closed the week on positive note gaining 1000.25 Points 3.54%
Weekly High: 29318.20
Weekly Low: 28115.05
Weekly Close: 29257.35
RESISTANCE 2: 30100
RESISTANCE 1: 29679
SUPPORT 1: 28476
SUPPORT 2: 27694
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 29600-29700 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 28000 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 30100.
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 30100 on upside and 28000 on downside.