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Nifty Metal Weekly Outlook and Analysis:
For the Week: (Feb 15,2021 – Feb 19,2021)
NIFTY METAL Index closed the week on positive note gaining 365.70 points 11.88%.
Weekly High: 3,466.80
Weekly Low: 3,071.95
Weekly Close: 3,443.15
Weekly Support & Resistance For Nifty Metal Index:
| RESISTANCE 2 | 3,722 |
| RESISTANCE 1 | 3,582 |
| SUPPORT 1 | 3,187 |
| SUPPORT 2 | 2,932 |
NIFTY METAL index opened tad higher and rallied in opening session of the week. Index rallied throughout the week tracking broader indices. We expect index likely to continue this uptrend, it is wise to adopt buy on dip strategy going forward.
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 3335 levels, whereas minor resistance on the upside is capped around 3550-3600 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 3200 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 3750.
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 3250 on downside and 3700 on upside.
