EquityPandit’s Outlook for NIFTY FMCG for the week (June 8, 2020 – June 12, 2020):

NIFTY FMCG:

NIFTY FMCG Index closed the week on positive note gaining 245.05 points 0.84%.

Weekly High: 30,023.35

Weekly Low: 29,311.30

Weekly Close: 29,542

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 29200 levels, whereas minor resistance on the upside is capped around 29950–30000 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 31000.

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 30800 on upside.

WEEKLY PIVOT LEVELS:
RESISTANCE 2: 30,337

RESISTANCE 1: 29,939

SUPPORT 1: 29,227

SUPPORT 2: 28,913