EquityPandit’s Outlook for NIFTY FMCG for the week (Sept 9, 2019 – Sept 13, 2019):
NIFTY FMCG Index closed the week on negative note loosing -607.60 Points -2.08%
Weekly High: 29142.30
Weekly Low: 28503
Weekly Close: 28649.75
RESISTANCE 2: 29404
RESISTANCE 1: 29027
SUPPORT 1: 28388
SUPPORT 2: 28126
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 29400-29500 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 27800 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 29600 on upside and 27800 on downside.