EquityPandit’s Outlook for NIFTY METAL for the week (Oct 7, 2019 – Oct 11, 2019):
NIFTY METAL Index closed the week on positive note gaining 4.05 Points +0.17%
Weekly High: 2449.75
Weekly Low: 2290
Weekly Close: 2297.20
RESISTANCE 2: 2,505
RESISTANCE 1: 2,401
SUPPORT 1: 2,241
SUPPORT 2: 2,185
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2175 levels, whereas minor resistance on the upside is capped around 2450-2475 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 2075 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 2550.
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 2100 on downside and 2500 on upside.