EquityPandit’s Outlook for NIFTY FMCG for the week (Sept 30, 2019 – Oct 5, 2019):
NIFTY FMCG Index closed the week on negative note loosing -412.25 Points -1.41%
Weekly High: 31813.80
Weekly Low: 30449.30
Weekly Close: 31026
RESISTANCE 1: 31,743
SUPPORT 1: 30,378
SUPPORT 2: 29,731
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 30400 levels, whereas minor resistance on the upside is capped around 31700-31750 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 30000 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 32100.
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 30000 on downside and 32000 on upside.