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Nifty Metal Weekly Outlook and Analysis:
For the Week: (Jan 25,2021 – Jan 29,2021)
NIFTY METAL Index closed the week on negative note losing 217.70 points 6.31%.
Weekly High: 3,462.70
Weekly Low: 3,212.20
Weekly Close: 3,231.45
Weekly Support & Resistance For Nifty Metal Index:
| RESISTANCE 2 | 3,552 |
| RESISTANCE 1 | 3,392 |
| SUPPORT 1 | 3,141 |
| SUPPORT 2 | 3,051 |
NIFTY METAL index opened flat and dragged in opening session of the week. Index trimmed losses in mid week tracking recovery in broader market. However, index again face selling pressure at fag end of the week and ended on negative note. We expect index likely to continue this downtrend.
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 3125 levels, whereas minor resistance on the upside is capped around 3325-3350 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 3000 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 3500.
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 3050 on downside and 3450 on upside.
