NIFTY FMCG Weekly Outlook and Analysis:
For the Week: (June 05, 2021 – June 11, 2021)
NIFTY FMCG Index closed the week on positive note gaining 247.50 points 0.71%.
Weekly High: 35,378.80
Weekly Low: 34,953.15
Weekly Close: 35,138
Weekly Support & Resistance For Nifty FMCG Index:
NIFTY FMCG index opened flat and rallied in early part of the week. Index than traded range bound throughout the week. Index pared gain at fag end of the week in absence of follow-up buying. We expect index likely to witness sideways corrective action and continue its lackluster trading activity.
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 34800 levels, whereas minor resistance on the upside is capped around 35450-35500 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 34300 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 34400 on downside and 35900 on upside.