Nifty Metal Weekly Outlook and Analysis:

For the Week: (May 24,2021 – May 28,2021)

NIFTY METAL Index closed the week on positive note gaining 7.80 points 0.15%.

Weekly High: 5,365.65

Weekly Low: 5,036.25

Weekly Close: 5,099.15

Weekly Support & Resistance For Nifty Metal Index:

NIFTY METAL index opened tad higher and extended gain in early part of the week. Index dragged in second half tracking global weakness and ended on flat note despite strong broader gain. We expect index likely to witness further profit booking if broader market remain resilient.  

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 4850 levels, whereas minor resistance on the upside is capped around 5300-5350 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 4600 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 5550.

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 4650 on downside and 5450 on upside.