Signals, Powered By EquityPandit
Nifty Metal Weekly Outlook and Analysis:
For the Week: (Sept 07,2020 – Sept 11,2020)
NIFTY METAL Index closed the week on negative note losing 69 points 2.72%.
Weekly High: 2,556.35
Weekly Low: 2,410.50
Weekly Close: 2,451.35
Weekly Support & Resistance For Nifty Metal Index:
| RESISTANCE 2 | 2,618 |
| RESISTANCE 1 | 2,534 |
| SUPPORT 1 | 2,389 |
| SUPPORT 2 | 2,326 |
NIFTY METAL index has witnessed profit booking after strong rally. Important support for indices at 2400 levels, if index close below this levels aggressive selling pressure could seen.
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2400 levels, whereas minor resistance on the upside is capped around 2500-2525 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 2325 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 2600.
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 2350 on downside and 2550 on upside.
