EquityPandit’s Outlook for NIFTY FMCG for the week (Oct 21, 2019 – Oct 25, 2019):
NIFTY FMCG Index closed the week on positive note gaining 1085.25 Points 3.57%.
Weekly High: 31,544.20
Weekly Low: 30,493.10
Weekly Close: 31,501.45
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 31000 levels, whereas minor resistance on the upside is capped around 31800-31850 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 30800 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 32250.
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 31000 on downside and 32200 on upside.
RESISTANCE 2: 32,230
RESISTANCE 1: 31,866
SUPPORT 1: 30,814
SUPPORT 2: 30,128