NIFTY FMCG Weekly Outlook and Analysis:
For the Week: (April 05,2021 – April 09,2021)
NIFTY FMCG Index closed the week on positive note gaining 1056.10 points 3.12%.
Weekly High: 35,102.70
Weekly Low: 33,981.25
Weekly Close: 34,874.55
Weekly Support & Resistance For Nifty FMCG Index:
NIFTY FMCG index opened flat and rallied in opening session of the week . Index extended gain and hit fresh fifty two weeks highs in later half, though unable to close above its key psychological resistance of 35000. We expect index likely to continue this uptrend and close above its three months trading range going forwards.
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 34400 levels, whereas minor resistance on the upside is capped around 35250-35300 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 33700 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 36000.
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 33800 on downside and 35800 on upside.