Nifty Metal Weekly Outlook and Analysis:

For the Week: (March 29,2021 – April 02,2021)

NIFTY METAL Index closed the week on positive note gaining 22.80 points 0.59%.

Weekly High: 3,894.90

Weekly Low: 3,614.40

Weekly Close: 3,855.30

Weekly Support & Resistance For Nifty Metal Index:

NIFTY METAL index opened flat and witnessed muted gain in early part of the week. Index dragged in mid week tracking broader weakness. However, index recouped all the losses at fag end of the week and ended on positive note. Index likely to continue its up move, if broader indices remain resilient.  

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 3700 levels, whereas minor resistance on the upside is capped around 3950-4000 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 3550 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 4250.

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 3600 on downside and 4200 on upside.