EquityPandit’s Outlook for NIFTY METAL for the week (Aug 05, 2019 – Aug 09, 2019):
NIFTY METAL Index closed the week on negative note loosing –233.35 Points –8.67%
Weekly High: 2689.15
Weekly Low: 2430.35
Weekly Close: 2459.10
RESISTANCE 2: 2785
RESISTANCE 1: 2622
SUPPORT 1: 2363
SUPPORT 2: 2267
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2400 levels, whereas minor resistance on the upside is capped around 2570-2580 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 2250 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 2660.
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 2660on upside and 2250 on downside.