Nifty Metal Weekly Outlook and Analysis:

For the Week: (April 26,2021 – April 30,2021)

NIFTY METAL Index closed the week on positive note gaining 12.85 points 0.29%.

Weekly High: 4,528.20

Weekly Low: 4,266.85

Weekly Close: 4,446.85

Weekly Support & Resistance For Nifty Metal Index:

NIFTY METAL index opened gap down and trim losses in opening session of the week. Index continued muted buying activity throughout the week which helped indices to ended on positive note. Though index is in uptrend, we expect it could witness profit booking if broader market continue its southward journey.

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 4300 levels, whereas mi-nor resistance on the upside is capped around 4550-4600 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 4100 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 4800.

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 4150 on downside and 4700 on upside.