NIFTY FMCG Weekly Outlook and Analysis:
For the Week: (Oct 11,2021 – Oct 15,2021)
NIFTY FMCG Index closed the week on negative note losing 405.65 points 1.00%.
Weekly High: 40,754.45
Weekly Low: 39,915
Weekly Close: 39,993.35
Weekly Support & Resistance For Nifty FMCG Index:
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 39500 levels, whereas minor resistance on the upside is capped around 40500-40550 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 39000 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 41000.
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 39300 on downside and 40800 on upside.