EquityPandit’s Outlook for NIFTY METAL for the week (Mar 18, 2019 – Mar 22, 2019) :
NIFTY METAL Index closed the week on positive note gaining +60.30 Points (+2.05%).
Weekly High: 3065.80
Weekly Low: 2938.05
Weekly Close: 3008.25
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 2800-2750 levels, whereas minor resistance on the upside is capped around 3200- 3250 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.