EquityPandit’s Outlook for NIFTY FMCG for the week (June 22, 2020 – June 26, 2020):

NIFTY FMCG:

NIFTY FMCG Index closed the week on negative note losing 436.15 points 1.50%.

Weekly High: 29,215.85

Weekly Low: 28,349

Weekly Close: 28,709.45

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 28200 levels, whereas minor resistance on the upside is capped around 29200–29300 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 27500 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 29900.

Currently NIFTY FMCG index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 27800 on downside and 29600 on upside.

WEEKLY PIVOT LEVELS:

RESISTANCE 2: 29,624

RESISTANCE 1: 29,167

SUPPORT 1: 28,300

SUPPORT 2: 27,891