Published on 30/05/2017 11:58:10 AM | Source: GEPLCapital Ltd
NIFTY FMCG holds strong Bullish momentum - GEPL
NIFTY FMCG holds strong Bullish momentum.
* NIFTY FMCG is the best performing sectors amongst all the indices last week. It showed a strong up move by 4.74%, as against an up move of 1.77% in benchmark NIFTY 50.
* The Sector is in long term Bullish Trend with the formation of Higher Top Higher Bottom sequences in all time frames charts as Daily, Weekly as well as Monthly, as can be seen in the chart.
* Last week, the Sector has created an All Time High @ 25711.15 and also made a closing high with a volume confirmation and if it sustains at higher levels which indicates current up move continues in coming future.
* We have seen that the medium term 13 (23638) & 34 (22604) exponential moving averages have remained positively aligned since last 5 months on weekly charts; which is an add on cause for current Bullish momentum to sustain.
* The support level is placed at 24900 – 24650 levels whereas the resistance zone is placed at 26250 - 26550.
Current Close: 25507.55 Trend : Positive
Positive: ITC, HINDUNILVR, COLPAL, MARICO, GODREJCP, GODREJIND.
Negative: TATAGLOBAL, MCDOWELL-N, UBL
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