Nifty Metal Weekly Outlook and Analysis:

For the Week: (Oct 18,2021 – Oct 22,2021)

NIFTY METAL Index closed the week on positive note gaining 337.75 points 5.94%.

Weekly High: 6,079.55

Weekly Low: 5,707.65

Weekly Close: 6,019.20

Weekly Support & Resistance For Nifty Metal Index:

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 5850 levels, whereas minor resistance on the upside is capped around 6150-6200 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 5600 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 6400.

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 5700 on downside and 6300 on upside.