EquityPandit’s Outlook for NIFTY METAL for the week (Oct 21, 2019 – Oct 25, 2019):
NIFTY METAL Index closed the week on positive note gaining 118.90 Points 5.09%.
Weekly High: 2,463.25
Weekly Low: 2,331.45
Weekly Close: 2,456
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2350 levels, whereas minor resistance on the upside is capped around 2500-2525 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 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 2650.
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 2300 on downside and 2650 on upside.
RESISTANCE 2: 2,548
RESISTANCE 1: 2,502
SUPPORT 1: 2,370
SUPPORT 2: 2,285