EquityPandit’s Outlook for NIFTY METAL for the week (March 02, 2020 – March 06, 2020):

NIFTY METAL:

NIFTY METAL Index closed the week on negative note losing 366.20 points 14.02%.

Weekly High: 2,578.80

Weekly Low: 2,230.60

Weekly Close: 2,246.05

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2125 levels, whereas minor resistance on the upside is capped around 2375-2400 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 2000 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 2550.

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 2025 on downside and 2500 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 2,700

RESISTANCE 1: 2,473

SUPPORT 1: 2,124

SUPPORT 2: 2,003