EquityPandit’s Outlook for NIFTY METAL for the week (July 22, 2019 – July 26, 2019):
NIFTY METAL Index closed the week on negative note loosing –84.45 Points –2.99%
Weekly High: 2859.40
Weekly Low: 2734.00
Weekly Close: 2741.85
RESISTANCE 2: 2904
RESISTANCE 1: 2823
SUPPORT 1: 2697
SUPPORT 2: 2653
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2700 levels, whereas minor resistance on the upside is capped around 2750-2770 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 2650 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 2850.
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 2850 on upside and 2650 on downside.