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Nifty Metal Weekly Outlook and Analysis:
For the Week: (Nov 01,2021 – Nov 05,2021)
NIFTY METAL Index closed the week on negative note losing 126.70 points 2.23%.
Weekly High: 5,855.55
Weekly Low: 5,482.30
Weekly Close: 5,563.40
Weekly Support & Resistance For Nifty Metal Index:
| RESISTANCE 2 | 6,007 |
| RESISTANCE 1 | 5,785 |
| SUPPORT 1 | 5,411 |
| SUPPORT 2 | 5,260 |
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 5450 levels, whereas minor resistance on the upside is capped around 5650-5700 levels.
If NIFTY METAL index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 5250 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 5850.
Currently NIFTY METAL index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 5350 on downside and 5750 on upside.
