EquityPandit’s Outlook for NIFTY METAL for the week (May 06, 2019 – May 10,2019):
NIFTY METAL Index closed the week on positive note gaining -33.50 Points +1.10%
Weekly High: 3108.95
Weekly Low: 2985
Weekly Close: 3081.25
Nifty Metal index facing resistance levels of 200 EMA & 100 EMA, Technically on the daily charts we see minor support on the downside for index lies at 3050– 3030 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 2850– 2830 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 3350– 3400
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 3350– 3400 on upside and 2850– 2830 on downside.