EquityPandit’s Outlook for NIFTY FMCG for the week (Oct 7, 2019 – Oct 11, 2019):
NIFTY FMCG Index closed the week on negative note loosing -412.25 Points -1.41%
Weekly High: 31341.75
Weekly Low: 30300
Weekly Close: 30327.15
RESISTANCE 2: 31,698
RESISTANCE 1: 31,012
SUPPORT 1: 29,970
SUPPORT 2: 29,614
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 29800 levels, whereas minor resistance on the upside is capped around 30950-31000 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 29500 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 31600.
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 29600 on downside and 31000 on upside.