Nifty Metal Weekly Outlook and Analysis:

For the Week: (Feb 13, 2023 – Feb 17, 2023)

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NIFTY METAL Index closed the week on negative note losing 128.35 points 2.17%.

Weekly High: 5,999.10

Weekly Low: 5,657.55      

Weekly Close: 5,773.60

Weekly Support & Resistance For Nifty Metal Index:

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 5,600 levels, whereas minor resistance on the upside is capped around 6,000-6,050 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 5,400 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 6,200.

Currently NIFTY METAL index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 5,500 on downside and 6,100 on upside.