EquityPandit’s Outlook for NIFTY METAL for the week (July 06, 2020 – July 10, 2020):

NIFTY METAL:

NIFTY METAL Index closed the week on negative note losing 34.85 points 1.71%.

Weekly High: 2,041.30

Weekly Low: 1,964.35

Weekly Close: 2,008.50

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 1950 levels, whereas minor resistance on the upside is capped around 2050-2075 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 1875 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 2150.

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 1900 on downside and 2125 on upside.

WEEKLY PIVOT LEVELS:

RESISTANCE 2: 2,081

RESISTANCE 1: 2,045

SUPPORT 1: 1,968

SUPPORT 2: 1,927