Signals, Powered By EquityPandit
Nifty Metal Weekly Outlook and Analysis:
For the Week: Sept 28,2020 – Oct 01,2020)
NIFTY METAL Index closed the week on negative note losing 189.55 points 8.02%.
Weekly High: 2,368.30
Weekly Low: 2,107.55
Weekly Close: 2,172.65
Weekly Support & Resistance For Nifty Metal Index:
| RESISTANCE 2 | 2,476 |
| RESISTANCE 1 | 2,324 |
| SUPPORT 1 | 2,064 |
| SUPPORT 2 | 1,955 |
NIFTY METAL index has formed lower low lower highs bearish treding pattern. Index also given breakdown of its rising channel pattern and close below its 200 day ema. 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 2100 levels, whereas minor resistance on the upside is capped around 2225-2250 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 2000 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 2325.
Currently NIFTY METAL index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 2050 on downside and 2300 on upside.
