For the Week: (Oct 12,2020 – Oct 16,2020)
NIFTY FMCG Index closed the week on negative note losing 85.65 points 0.29%.
Weekly High: 30,397
Weekly Low: 29,862.30
Weekly Close: 29,923.90
Weekly Support & Resistance For Nifty FMCG Index:
NIFTY FMCG index has witnessed inverted hammer candle pattern on weekly charts, which suggest pause in trend. We expect index could remain under pressure till it trade below its falling tend line.
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 29500 levels, whereas minor resistance on the upside is capped around 30350–30400 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 29000 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 below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 29300 on downside and 30700 on upside.