EquityPandit’s Outlook for NIFTY METAL for the week (Mar 11, 2019 – Mar 15, 2019) :
NIFTY METAL Index closed the week on positive note gaining 76.35 Points (+2.66%).
Weekly High: 3035.70
Weekly Low: 2895.00
Weekly Close: 2947.95
Technically on the daily charts we see minor support on the downside for index lies at 2800-2700 levels, where as minor resistance on the upside is capped around 3200- 3300 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 2500- 2400 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 3500-3600
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 3500- 3600 on upside and 2500- 2400 on downside.