Nifty Metal Weekly Outlook and Analysis:

For the Week: (June 14,2021 – June 18,2021)

NIFTY METAL Index closed the week on positive note gaining 67.65 points 1.27%.

Weekly High: 5,421.50

Weekly Low: 5,173.45

Weekly Close: 5,406.80

Weekly Support & Resistance For Nifty Metal Index:

NIFTY METAL index opened tad higher and soon dragged in red back of profit booking in early part of the week despite broader gain. However, index recoup lost ground in later half of the week and ended with muted gain. We expect index likely to resume this uptrend going forward if broader market remain resilient.  

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 5250 levels, whereas minor resistance on the upside is capped around 5500-5550 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 5000 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 5800.

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 5100 on downside and 5700 on upside.