NIFTY FMCG Weekly Outlook and Analysis:

For the Week: (March 29,2021 – April 02,2021)

NIFTY FMCG  Index closed the week on negative note losing 209.90 points 0.62%.

Weekly High: 34,814.40

Weekly Low: 33,071.70

Weekly Close: 33,818.45

Weekly Support & Resistance For Nifty Index:

NIFTY FMCG index opened flat and rallied in opening session of the week . Index witnessed selling pressure in mid week tracking broader indices. Index ended on negative note despite registered gain at fag end of the week. We expect index likely to continue its sideways corrective action, momentum indicator also trending down.

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 33400 levels, whereas minor resistance on the upside is capped around 34250-34300 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 32900 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 33000 on downside and 34700 on upside.