EquityPandit’s Outlook for NIFTY METAL for the week (Nov 18, 2019 – Nov 22, 2019):

NIFTY METAL:

NIFTY METAL Index closed the week on negative note losing 114.15 Points 4.37%.

Weekly High: 2,637.80

Weekly Low: 2,491

Weekly Close: 2,498.80

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2450 levels, whereas minor resistance on the upside is capped around 2575-2600 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 2375 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 2700.

Currently NIFTY METAL index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 2400 on downside and 2650 on upside.

 
RESISTANCE 2: 2,689

RESISTANCE 1: 2,594

SUPPORT 1: 2,447

SUPPORT 2: 2,395