EquityPandit’s Outlook for NIFTY METAL for the week (Feb 10, 2020 – Feb 14, 2020):

NIFTY METAL:

NIFTY METAL Index closed the week on positive note gaining 230.25 points 9.28%.

Weekly High: 2,715.85

Weekly Low: 2,458.45

Weekly Close: 2,710.80

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2600 levels, whereas minor resistance on the upside is capped around 2775-2800 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 2525 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 2875.

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 2575 on downside and 2850 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 2,885

RESISTANCE 1: 2,798

SUPPORT 1: 2,540

SUPPORT 2: 2,370