Nifty Metal Weekly Outlook and Analysis:

For the Week: (May 31,2021 – June 04,2021)

NIFTY METAL Index closed the week on negative note losing 43.40 points 0.85%.

Weekly High: 5,188.55

Weekly Low: 4,987.25

Weekly Close: 5,055.75

Weekly Support & Resistance For Nifty Metal Index:

NIFTY METAL index opened flat and traded on weak note in early part of the week. Index witnessed muted buying in mid week, though bulls unable to hold the gain and eventually ended on negative note. We expect index likely to continue its sideways corrective action going forward.  

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 4950 levels, whereas minor resistance on the upside is capped around 5150-5200 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 4750 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 5400.

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 4800 on downside and 5300 on upside.