A trade above this threshold is likely to trigger an upward momentum, opening up avenues toward the levels of 46,900 and 47,600. It is advisable for traders to adopt a prudent approach while trading, with a strict stop loss of 45,736 in place.
Given the current market dynamics, buying on dips would be the most viable trading strategy, with a target of 46,900 and 47,600 in sight.
The outlook for the near term appears to be bullish, as all major moving averages, such as the 10, 25, 50, 100, and 200, have an upward trajectory, indicating a strong bullish trend in the making.
In summary, traders should closely monitor the Nifty FMCG index, as it has the potential to make a significant move in the coming days, with a bullish bias expected in the near term.