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Nifty Metal Weekly Outlook and Analysis:
For the Week: (Feb 01,2021 – Feb 05,2021)
NIFTY METAL Index closed the week on negative note losing 154 points 4.77%.
Weekly High: 3,304
Weekly Low: 3,062.70
Weekly Close: 3,077.45
Weekly Support & Resistance For Nifty Metal Index:
| RESISTANCE 2 | 3,389 |
| RESISTANCE 1 | 3,233 |
| SUPPORT 1 | 2,992 |
| SUPPORT 2 | 2,906 |
NIFTY METAL index opened flat and dragged in opening session of the week. Index remained under pressure throughout the week back of profit booking tracking broader weakness. We expect index likely to continue this downtrend, though index is in oversold territory on short term chart, we may see short covering rally if any positive trigger in budget for the sector.
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2975 levels, whereas minor resistance on the upside is capped around 3175-3200 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 2900 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 3300.
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 2925 on downside and 3250 on upside.
