EquityPandit’s Outlook for NIFTY METAL for the week (Sept 30, 2019 – Oct 5, 2019):
NIFTY METAL Index closed the week on positive note gaining 4.05 Points +0.17%
Weekly High: 2576.25
Weekly Low: 2404.50
Weekly Close: 2453.95
RESISTANCE 2: 2,649
RESISTANCE 1: 2,551
SUPPORT 1: 2,380
SUPPORT 2: 2,306
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2325 levels, whereas minor resistance on the upside is capped around 2600-2650 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 towards major support on lower side around 2175 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 2800.
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 2200 on downside and 2650 on upside.