Chart Check: What does technical chart indicate for Nifty FMCG index?

The Nifty FMCG index on Friday rallied 202 points or 0.69 per cent to close at 29,464, after two continuous negative sessions. The index, on Friday, opened with a strong buying, rose towards 29,450 levels but witnessed minor profit-booking during the mid-session. However, it recovered at the end of the session.

The index has a strong support of 28,400 for the medium-term perspective. The immediate support comes in at 29,000 followed by 28,800, as per the daily chart. The current levels are trading below 100-day moving average (DMA) located at 29,557, which is its immediate resistance level.

The trend looks