EquityPandit’s Outlook for NIFTY METAL for the week (March 09, 2020 – March 13, 2020):

NIFTY METAL:

NIFTY METAL Index closed the week on negative note losing 62.15 points 2.77%.

Weekly High: 2,351.45

Weekly Low: 2,133.80

Weekly Close: 2,183.90

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 2250-2275 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 2025 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 2350.

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 2050 on downside and 2300 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 2,440

RESISTANCE 1: 2,312

SUPPORT 1: 2,094

SUPPORT 2: 2,005