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Nifty Metal Weekly Outlook and Analysis:

For the Week: (April 03, 2023 – April 07, 2023)

NIFTY METAL Index closed the week on positive note gaining 124.55 points 2.32%.

Weekly High: 5,546.90

Weekly Low: 5,304.45      

Weekly Close: 5,497.45

Weekly Support & Resistance For Nifty Metal Index:

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 5,400 levels, whereas minor resistance on the upside is capped around 5,600-5,625 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 5,300 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 5,750.

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 5,350 on downside and 5,700 on upside.