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Nifty Metal Weekly Outlook and Analysis:
For the Week: (Aug 10,2020 – Aug 14,2020)
NIFTY METAL Index closed the week on positive note gaining 167.05 points 7.78%.
Weekly High: 2,319.90
Weekly Low: 2,133.40
Weekly Close: 2,314.35
Weekly Support & Resistance Levels for Nifty Metal Index:
| RESISTANCE 2 | 2442 |
| RESISTANCE 1 | 2378 |
| SUPPORT 1 | 2191 |
| SUPPORT 2 | 2069 |
NIFTY METAL index has given breakout of symmetric triangle pattern on daily charts. Index also closed above its 200 days exponential moving average. Index will likely to continue uptrend back of bullish signal on momentum indicators.
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2250 levels, whereas minor resistance on the upside is capped around 2385-2400 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 2200 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 2475.
Currently NIFTY METAL index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 2200 on downside and 2450 on upside.
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