EquityPandit’s Outlook for NIFTY METAL for the week (March 16, 2020 – March 20, 2020):

NIFTY METAL:

NIFTY METAL Index closed the week on negative note losing 280.55 points 12.85%.

Weekly High: 2,107.95

Weekly Low: 1,546.15

Weekly Close: 1,903.35

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 1750 levels, whereas minor resistance on the upside is capped around 2050-2100 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 1550 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 2300.

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 1600 on downside and 2200 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 2,414

RESISTANCE 1: 2,158

SUPPORT 1: 1,597

SUPPORT 2: 1,290