 "Illustration by Binay Sinha")
The current chart formation indicates that the NiftyFMCG index is nearing the support of 30,240 levels. The daily chart with "Higher highs, higher lows" formation indicates a bullish trend. Theoretically, the pattern is identified as “Rising Channel Pattern”, which envelops prices in two trendlines. The rise in prices eventually sees two trendlines in rising direction; it is upward rising trend line and lower rising trend line. CLICK HERE FOR THE TECHNICAL CHART
The immediate support comes at 50 days moving average (DMA) of 30,080 and resistance falls at 30,510, its high of today.
The immediate support comes at 50 days moving average (DMA) of 30,080 and resistance falls at 30,510, its high of today.
