EquityPandit’s Outlook for NIFTY METAL for the week (July 20,2020 – July 24, 2020):

NIFTY METAL:

NIFTY METAL Index closed the week on positive note gaining 24.80 points 1.19%.

Weekly High: 2,130.50

Weekly Low: 2,018.55

Weekly Close: 2,103

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2030 levels, whereas minor resistance on the upside is capped around 2175-2200 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 1950 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 2275.

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 2000 on downside and 2200 on upside.

WEEKLY PIVOT LEVELS:
RESISTANCE 2: 2,195

RESISTANCE 1: 2,149

SUPPORT 1: 2,037

SUPPORT 2: 1,972