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Nifty Metal Index Weekly Outlook and Analysis:

For the Week: (June 12, 2023 – June 16, 2023)

Nifty Outlook for the Week (May 22, 2023 – May 26, 2023)

NIFTY METAL Index closed the week on positive note gaining 83.35 points 1.40%.

Weekly High: 6,149.25

Weekly Low: 5,943.55

Weekly Range: 6,039.35

Weekly Support & Resistance For Nifty:

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 5,950 levels, whereas minor resistance on the upside is capped around 6,150-6,175 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 5,850 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 6,250.

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 5,900 on downside and 6,200 on upside.