EquityPandit’s Outlook for NIFTY METAL for the week (July 15, 2019 – July 19, 2019):
NIFTY METAL Index closed the week on negative note loosing –24.95 Points –0.88%
Weekly High: 2859.55
Weekly Low: 2736.60
Weekly Close: 2826.30
RESISTANCE 2: 2930
RESISTANCE 1: 2878
SUPPORT 1: 2755
SUPPORT 2: 2685
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2770-2750 levels, whereas minor resistance on the upside is capped around 2850-2860 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 2730 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 2930.
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 2930 on upside and 2730 on downside.