Nifty Metal Weekly Outlook and Analysis:

For the Week: (Aug 24,2020 – Aug 28,2020)

NIFTY METAL Index closed the week on positive note gaining 117.80 points 4.90%.

Weekly High: 2,579.45

Weekly Low: 2,414.70

Weekly Close: 2,523.60

Weekly Support & Resistance For Nifty Metal Index:

NIFTY METAL index continued its strong rally this week. However, index has witnessed profit booking at fag end of the week. We expect index likely to witness profit booking after relentless rally, also it traded resistance zone of upper rising channel.

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2450 levels, whereas minor resistance on the upside is capped around 2600-2625 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 2350 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 2700.

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 2400 on downside and 2650 on upside.