Nifty Metal Weekly Outlook and Analysis:

For the Week: (Sept 21,2020 – Sept 25,2020)

NIFTY METAL Index closed the week on negative note losing 22.10 points 0.93%.

Weekly High: 2,416.50

Weekly Low: 2,352.80

Weekly Close: 2,362.20

Weekly Support & Resistance For Nifty Metal Index:

NIFTY METAL index has witnessed lackluster move throughout the week. Index formed bearish inside day candle pattern on weekly chart. We expect index likely continue its downward journey going forward.

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2325 levels, whereas minor resistance on the upside is capped around 2400-2425 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 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 2275 on downside and 2450 on upside.