For the Week: (Dec 07,2020 – Dec 11,2020)
NIFTY FMCG Index closed the week on positive note gaining 637.95 points 2.01%.
Weekly High: 32,404.85
Weekly Low: 31,591.85
Weekly Close: 32,356.75
Weekly Support & Resistance For Nifty Index:
NIFTY FMCG index opened tad higher and ended on positive note after choppy trading activity during the week. Index formed higher highs higher lows pattern on daily charts. Momentum indicator trending in bullish zone. We expect index likely continue this uptrend, trader are advised to adopt buy on dip strategy going forward.
Technically on the daily charts we see minor support on the downside for NIFTY FMCG index lies at 31900 levels, whereas minor resistance on the upside is capped around 32650–32700 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 31400 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 33200.
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 31600 on downside and 33000 on upside.