EquityPandit’s Outlook for NIFTY METAL for the week (Jan 20, 2020 – Jan 24, 2020):
NIFTY METAL Index closed the week on positive note gaining 23.90 points 0.84%.
Weekly High: 2,927.95
Weekly Low: 2,846.15
Weekly Close: 2,864.65
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2800 levels, whereas minor resistance on the upside is capped around 2900-2925 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 2725 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 3000.
Currently NIFTY METAL index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 2750 on downside and 2950 on upside.
RESISTANCE 2: 2,961
RESISTANCE 1: 2,913
SUPPORT 1: 2,831
SUPPORT 2: 2,797