EquityPandit’s Outlook for NIFTY METAL for the week (April 08, 2019 – April 12, 2019):
NIFTY METAL Index closed the week on positive note gaining+88.82 Points (+2.90%).
Weekly High: 3145.95
Weekly Low: 2990.15
Weekly Close: 3132.15
Nifty Metal index last week broke the resistance levels of 100 EMA and trading above 100 EMA on daily, Metal index is all set to break 200 EMA and we may see smart money flow in metal sector once sustains above 200 EMA. Technically on the daily charts we see minor support on the downside for index lies at 3050- 3000 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 2900- 2950 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.