EquityPandit’s Outlook for NIFTY FMCG for the week (Oct 14, 2019 – Oct 18, 2019):
NIFTY FMCG Index closed the week on positive note gaining 89.05 Points 0.29%
Weekly High: 30527.45
Weekly Low: 30022.80
Weekly Close: 30416.20
RESISTANCE 2: 30,826
RESISTANCE 1: 30,621
SUPPORT 1: 30,116
SUPPORT 2: 29,817
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 30000 levels, whereas minor resistance on the upside is capped around 30800-30850 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 29800 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 31200.
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 29800 on downside and 31000 on upside.