For the Week: (Dec 14,2020 – Dec 18,2020)
NIFTY FMCG Index closed the week on positive note gaining 2008.10 points 6.21%.
Weekly High: 34,427.70
Weekly Low: 32,351.95
Weekly Close: 34,364.85
Weekly Support & Resistance For Nifty Index:
NIFTY FMCG index opened tad higher and rallied to all time highs. Index has given breakout of its long term trading range. Index formed higher top higher bottom formation on long term charts. We expect index likely continue this uptrend, trader are advised to adopt buy on dip strategy to enhance risk reward ration after sharp up move.
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 33900 levels, whereas minor resistance on the upside is capped around 34850–34900 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 33200 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 35500.
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 33500 on downside and 35200 on upside.