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Nifty Metal Weekly Outlook and Analysis:
For the Week: (Aug 31,2020 – Sept 04,2020)
NIFTY METAL Index closed the week on negative note losing 3.95 points 0.14%.
Weekly High: 2,570.65
Weekly Low: 2,493.40
Weekly Close: 2,520.35
Weekly Support & Resistance For Nifty Metal Index:
| RESISTANCE 2 | 2,605 |
| RESISTANCE 1 | 2,562 |
| SUPPORT 1 | 2,485 |
| SUPPORT 2 | 2,450 |
NIFTY METAL index has experienced sideway corrective action this week after strong rally. Index formed inverted shooting star candle pattern on daily charts, which suggest possible trend reversal. We expect index likely to witness profit booking.
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2475 levels, whereas minor resistance on the upside is capped around 2570-2600 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 2350 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 2700.
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 2400 on downside and 2650 on upside.
