EquityPandit’s Outlook for NIFTY FMCG for the week (Feb 24, 2020 – Feb 28, 2020):
NIFTY FMCG Index closed the week on negative note losing 403.05 Points 1.30%.
Weekly High: 30,904.45
Weekly Low: 30,076.65
Weekly Close: 30,636.25
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 30100 levels, whereas minor resistance on the upside is capped around 31000-31100 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 31500.
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 31350 on upside.
Weekly Pivot Levels:
RESISTANCE 2: 31,366
RESISTANCE 1: 31,001
SUPPORT 1: 30,173
SUPPORT 2: 29,711