Nifty Metal Weekly Outlook and Analysis:

For the Week: (Oct 05,2020 – Oct 09,2020)

NIFTY METAL Index closed the week on positive note gaining 88.60 points 4.08%.

Weekly High: 2,293.35

Weekly Low: 2,189.55

Weekly Close: 2,261.25

Weekly Support & Resistance For Nifty Metal Index:

NIFTY METAL index has witnessed buying back of recovery in broader indices. Index manage to close above its 200 day ema on daily charts. However, profit booking was seen in index at fag end of the week as it trade near resistance of falling trend line. We expect index could witness selling pressure if it unable to hold its 200 day ema.

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2200 levels, whereas minor resistance on the upside is capped around 2300-2325 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 2125 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 2385.

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 2150 on downside and 2350 on upside.