EquityPandit’s Outlook for NIFTY METAL for the week (Jan 27, 2020 – Jan 31, 2020):

NIFTY METAL:

NIFTY METAL Index closed the week on negative note losing 68.45 points 2.39%.

Weekly High: 2,882.35

Weekly Low: 2,749.50

Weekly Close: 2,796.20

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2735 levels, whereas minor resistance on the upside is capped around 2870-2900 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 2665 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 2975.

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 2675 on downside and 2900 on upside.

Weekly Pivot Level For Nifty METAL Index:

RESISTANCE 2: 2,942

RESISTANCE 1: 2,869

SUPPORT 1: 2,736

SUPPORT 2: 2,676