Nifty Metal Weekly Outlook and Analysis:

For the Week: (Sept 04,2020 – Sept 18,2020)

NIFTY METAL Index closed the week on negative note losing 67.05 points 2.74%.

Weekly High: 2,480.15

Weekly Low: 2,302.40

Weekly Close: 2,384.30

Weekly Support & Resistance For Nifty Metal Index:

NIFTY METAL index has took support at lower trend line of rising channel and recoup some losses. Index likely resume uptrend if it manage to hold previous week low at support zone.

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2325 levels, whereas minor resistance on the upside is capped around 2425-2450 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 2250 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 2525.

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 2275 on downside and 2500 on upside.