EquityPandit’s Outlook for NIFTY METAL for the week (April 01, 2019 – April 05, 2019):
NIFTY METAL Index closed the week on positive note gaining +60.95 Points (+2.04%).
Weekly High: 3053.15
Weekly Low: 2920.60
Weekly Close: 3044.15
Nifty Metal index trading near to 100 days exponential moving average which is acting as stiff resistance for the index, last week we have seen sell off in zone of 3065- 3085, if sustains above 3100 levels we may see buying attraction resuming in nifty metal index, Technically on the daily charts we see minor support on the downside for index lies at 2900- 2950 levels, whereas minor resistance on the upside is capped around 3170- 3200 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 index towards major support on lower side around 2820- 2800 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 3300- 3350
Currently Nifty METAL index is trading below 200 days exponential moving average suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 3300- 3350 on upside and 2820- 2800 on downside.