EquityPandit’s Outlook for NIFTY METAL for the week (Jan 13, 2020 – Jan 17, 2020)
NIFTY METAL Index closed the week on negative note losing 7.60 points 0.27%.
Weekly High: 2,864.55
Weekly Low: 2,736.40
Weekly Close: 2,840.75
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2775 levels, whereas minor resistance on the upside is capped around 2875-2900 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 2950.
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 2925 on upside.
Weekly Pivot Levels:
RESISTANCE 2: 2,942
RESISTANCE 1: 2,891
SUPPORT 1: 2,763
SUPPORT 2: 2,685