Nifty FMCG Outlook for the Week (Nov 09,2020 – Nov 13,2020)

For the Week: (Nov 09,2020 – Nov 13,2020)

NIFTY FMCG Index closed the week on negative note losing 353.75 points 1.19%.

Weekly High: 30,240.30

Weekly Low: 29,329.80

Weekly Close: 29,428.45

Weekly Support & Resistance For Nifty Index:

SUPPORT 1 29,092
SUPPORT 2 28,755

NIFTY FMCG index has witnessed muted buying in early part of the week. However, index succumbed in second half back of global weakness. We expect index continue to remain under pressure, side ways corrective action to continue.

Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 29100 levels, whereas minor resistance on the upside is capped around 29800–29900 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 28700 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 30200.

Currently NIFTY FMCG index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 28800 on downside and 30000 on upside.