NIFTY FMCG Weekly Outlook and Analysis:
For the Week: (May 3,2021 – May 7,2021)
NIFTY FMCG Index closed the week on negative note losing 102.65 points 0.30%.
Weekly High: 34,455
Weekly Low: 33,544.85
Weekly Close: 33,623.45
Weekly Support & Resistance For Nifty Index:
NIFTY FMCG index opened tad higher in opening session of the week. Index extended gain tracking broader gain in early part of the week. However, index witnessed selling pressure in later half of the week and ended on negative note. We expect index likely to continue this down trend going forward.
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 33000 levels, whereas mi-nor resistance on the upside is capped around 34100-34200 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 32400 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 34800.
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 32700 on downside and 34500 on upside.