EquityPandit’s Outlook for NIFTY METAL for the week (July 1, 2019 – July 5, 2019):
NIFTY METAL Index closed the week on positive note gaining +50.00 Points +1.70%
Weekly High: 3044.50
Weekly Low: 2854.90
Weekly Close: 2980.20
RESISTANCE 2: 3149.40
RESISTANCE 1: 3064.80
SUPPORT 1: 2875.20
SUPPORT 2: 2770.20
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2920 levels, whereas minor resistance on the upside is capped around 3040-3050 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 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 3160
Currently NIFTY METAL index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 3160 on upside and 2850 on downside.