Nifty FMCG Outlook for the Week (Aug 17,2020 – Aug 21,2020)

For the Week: (Aug 17,2020– Aug 21,2020).

SUPPORT 1.
30,850.

Weekly Close: 31,237.95.

CLEVER FMCG index has actually formed increasing wedge pattern on daily chart. Index trading at assistance zone of this wedge. , if Index experience breakdown of this assistance zone additional selling pressure lead the index much lower.

RESISTANCE 2.
32,542.

Presently NIFTY FMCG index is trading above 200 days exponential moving typical and recommends long term trend is bullish. EquityPandits analyst predicts range for the week is seen from 30300 on disadvantage and 32000 on upside.

RESISTANCE 1.
31,890.

Weekly Low: 31,115.50.

SUPPORT 2.
30,462.

If NIFTY FMCG index breaches minor assistance on the downside and closes below it, we might see fresh break down and index can drag towards significant support on lower side around 30000 and if breaches small resistance on the upside and closes above it, we might see fresh breakout and index can head towards greater levels around 32500.

Technically on the everyday charts we see minor support on the downside for NIFTY FMCG index lies at 30600 levels, whereas small resistance on the benefit is capped around 31800– 31900 levels.

NIFTY FMCG Index closed the week on unfavorable note losing 252.65 points 0.80%.

Weekly Support & & Resistance For Nifty Index:.

Weekly High: 32,155.50.

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