EquityPandit’s Outlook for NIFTY FMCG for the week (Sept 23, 2019 – Sept 27, 2019):
NIFTY FMCG Index closed the week on positive note gaining 1243 Points 4.35%
Weekly High: 30003.60
Weekly Low: 28449.35
Weekly Close: 29835.35
RESISTANCE 2: 30,983
RESISTANCE 1: 30,409
SUPPORT 1: 28,855
SUPPORT 2: 27,875
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 29500 levels, whereas minor resistance on the upside is capped around 30150-30250 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 towards major support on lower side around 29000 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 30250.
Currently NIFTY FMCG index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 29200 on downside and 30200 on upside.