EquityPandit’s Outlook for NIFTY METAL for the week (May 4, 2020 – May 8, 2020):

NIFTY METAL:

NIFTY METAL Index closed the week on positive note gaining 214.70 points 13.05%.

Weekly High: 1,871.95

Weekly Low: 1,653.80

Weekly Close: 1,859.90

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 1770 levels, whereas minor resistance on the upside is capped around 1925-1950 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 1600 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 2100.

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 1650 on downside and 2050 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 2,013

RESISTANCE 1: 1,936

SUPPORT 1: 1,718

SUPPORT 2: 1,577