EquityPandit’s Outlook for NIFTY METAL for the week (May 11, 2020 – May 15, 2020):

NIFTY METAL:

NIFTY METAL Index closed the week on negative note losing 183.35 points 09.86%.

Weekly High: 1,772.30

Weekly Low: 1,671

Weekly Close: 1,676.55

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 1600 levels, whereas minor resistance on the upside is capped around 1775-1800 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 1525 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 1900.

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 1550 on downside and 1850 on upside.

Weekly Pivot Levels:
RESISTANCE 2: 1,807

RESISTANCE 1: 1,742

SUPPORT 1: 1,640

SUPPORT 2: 1,605