EquityPandit’s Outlook for NIFTY METAL for the week (May 13, 2019 – May 17,2019):
NIFTY METAL Index closed the week on negative note gaining -208.75 Points -6.77%
Weekly High: 3108.95
Weekly Low: 2855.05
Weekly Close: 2872.50
Technically on the daily charts we see minor support on the downside for index lies at 2850– 2830 levels, whereas minor resistance on the upside is capped around 2935– 2955 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 2750– 2760 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 3050– 3070
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 3050– 3070 on upside and 2750– 2760 on downside.