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Nifty Metal Weekly Outlook and Analysis:
For the Week: (Aug 17,2020 – Aug 21,2020)
NIFTY METAL Index closed the week on positive note gaining 91.45 points 3.95%.
Weekly High: 2,454.30
Weekly Low: 2,295.65
Weekly Close: 2,405.80
Weekly Support & Resistance For Nifty Metal Index:
| RESISTANCE 2 | 2,543 |
| RESISTANCE 1 | 2,474 |
| SUPPORT 1 | 2,316 |
| SUPPORT 2 | 2,226 |
NIFTY METAL index continued its strong rally this week. Index likely to witnessed buying at lower levels, if broader indices continue its lackluster trading activity.
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2350 levels, whereas minor resistance on the upside is capped around 2445-2465 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 2250 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 2555.
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 2300 on downside and 2500 on upside.
