EquityPandit’s Outlook for NIFTY METAL for the week (May 18, 2020 – May 22, 2020):

NIFTY METAL:

NIFTY METAL Index closed the week on positive note gaining 66.05 points 3.94%.

Weekly High: 1,813.55

Weekly Low: 1,657.40

Weekly Close: 1,742.60

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 1650 levels, whereas minor resistance on the upside is capped around 1825-1850 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 1950.

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 1900 on upside.

Weekly Pivot Levels:
RESISTANCE 2: 1,894

RESISTANCE 1: 1,818

SUPPORT 1: 1,662

SUPPORT 2: 1,581