EquityPandit’s Outlook for NIFTY METAL for the week (Feb 17, 2020 – Feb 21, 2020):

NIFTY METAL:

NIFTY METAL Index closed the week on negative note losing 97.20 points 3.59%.

Weekly High: 2,692.85

Weekly Low: 2,608.85

Weekly Close: 2,613.60

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2550 levels, whereas minor resistance on the upside is capped around 2675-2700 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 2475 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 2775.

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 2500 on downside and 2725 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 2,722

RESISTANCE 1: 2,668

SUPPORT 1: 2,584

SUPPORT 2: 2,554