ITC, Nestle India: Fresh breakouts to assist FMCG index reach historic peak

FMCG stocks may rise up to 17% once the index hits a new all-time high

Shares of ITC hit a new all-time high, steering robust sentiment for Godrej Consumer Products and Varun Beverages, which are on the verge of claiming their respective uncharted territories. 

Both stocks are presently trading near their crucial highs. Godrej Consumer Products has a 52-week high of Rs 978.60 and Varun Beverages’ historic peak stays at Rs 1,472.

The Nifty FMCG index also trades near the all-time high of 46,413-mark and is presently attempting to breakout into new terrain. 

Here’s the technical outlook of FMCG stocks exhibiting breakout structures:- 

NIFTY FMCG

Likely target: 48,000

Upside potential: 3%

The current scenario shows the index