Nifty Metal Weekly Outlook and Analysis:

For the Week: (Aug 03,2020 – Aug 07,2020)

NIFTY METAL closed the week on positive note gaining 59.80 points 2.86%.

Weekly High: 2,192.30

Weekly Low: 2,064

Weekly Close: 2,147.30

Nifty Metal Weekly Support and Resistance Levels:

NIFTY METAL index is trading in symmetric triangle pattern on daily charts. Index also faced resistance of 200 days exponential moving average. If index manage to cross this resistance zone, strong follow up buying likely to seen in index.

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2080 levels, whereas minor resistance on the upside is capped around 2185-2200 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 2000 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 2300.

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 2050 on downside and 2275 on upside.