EquityPandit’s Outlook for NIFTY METAL for the week (Dec 16, 2019 – Dec 20, 2019):

NIFTY METAL:

NIFTY METAL Index closed the week on positive note gaining 90.90 points 3.58%.

Weekly High: 2,645.30

Weekly Low: 2,484

Weekly Close: 2,626.75

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2525 levels, whereas minor resistance on the upside is capped around 2700-2725 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 2450 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 2800.

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 2500 on downside and 2800 on upside.

RESISTANCE 2: 2,746

RESISTANCE 1: 2,686

SUPPORT 1: 2,525

SUPPORT 2: 2,424