Nifty FMCG Index. As on 20 Jan 2021. CMP 34,692. Posted at 2:30 pm.
The FMCG Index remains bullish. Price has remained well above the green trendline. An inverse head & shoulders pattern is visible on the weekly chart, with the green trendline as the neckline.
On the 3 day chart, 10 EMA is also healthily above the 20 EMA, so there is no change to the bullish forecast.
A likely target we have calculated as 0.618 of the inverse H&S pattern, which puts the target at roughly 37,800.
