For the Week: (Dec 21,2020 – Dec 25,2020)
NIFTY FMCG Index closed the week on positive note gaining 12.95 points 0.04%.
Weekly High: 34,288.45
Weekly Low: 32,570.75
Weekly Close: 34,115.65
Weekly Support & Resistance For Nifty Index:
NIFTY FMCG index opened flat and succumbed in opening session of the week. However, index recovered from its rising trend line support and ended week on flat note. We expect index likely continue its uptrend, traders are advise 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 33700 levels, whereas minor resistance on the upside is capped around 34450–34500 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 33300 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 35000.
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 34800 on upside.