Nifty Fmcg Good Time Ahead Hello friends sharing a very simple and easy to understand Idea on Nifty Fmcg index, as we all can see that after hitting an all time highs of 58000 levels index came down 52000 levels and now taking support from a zone which earlier was a resistance and 200 days moving average was also placed very well there which helped too for this sustainable bounce, and in today's session price broke a two months consolidation in parallel channel and gives a close above channel resistance, Observed a bullish RSI divergence too sharing snapshot below.
Bullish Divergence-:
When price making lower lows that time RSI making higher lows
Trade idea- So after this breakout on breakout retest seems a good swing trade opportunity in Fmcg shares mainly are Marico, Dabur, Hindustan Uniliver and Emami limited.
Retest Levels- 55000 To 54800
Stop loss and target- After retest bounce 56700 and 57700 seems good resistance based target and after the activation of this trade 54600 seems good support below daily closing basis.
This idea is meant for only educational purpose this not any kind of trading or investment advice.
Best Regards- Amit
Namaste.