EquityPandit’s Outlook for NIFTY METAL for the week (April 6, 2020 – April 10, 2020):

NIFTY METAL:

NIFTY METAL Index closed the week on negative note losing 31.95 points 2.05%.

Weekly High: 1,601

Weekly Low: 1,483.50

Weekly Close: 1,522.90

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 1450 levels, whereas minor resistance on the upside is capped around 1600-1625 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 1350 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 1700.

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 1400 on downside and 1650 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 1,653

RESISTANCE 1: 1,588

SUPPORT 1: 1,470

SUPPORT 2: 1,418