EquityPandit’s Outlook for NIFTY FMCG for the week (June 29, 2020 – July 03, 2020):

NIFTY FMCG:

NIFTY FMCG Index closed the week on positive note gaining 1047.60 points 3.65%.

Weekly High: 30,505.15

Weekly Low: 28,718.95

Weekly Close: 29,757.05

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 28800 levels, whereas minor resistance on the upside is capped around 30700–30800 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 28000 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 28300 on downside and 31200 on upside.

NIFTY FMCG WEEKLY PIVOT LEVELS:
RESISTANCE 2: 31,446

RESISTANCE 1: 30,601

SUPPORT 1: 28,815

SUPPORT 2: 27,874