EquityPandit’s Outlook for NIFTY METAL for the week (June 10, 2019 – June 14, 2019):
NIFTY METAL Index closed the week on negative note losing –17.55 Points –0.60%
Technically on the daily charts we see minor support on the downside for index lies at 2850– 2870 levels, whereas minor resistance on the upside is capped around 3000– 3020 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 2770– 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 3170– 3180
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 3170- 3180 on upside and 2770– 2760 on downside.