EquityPandit’s Outlook for NIFTY METAL for the week (Aug 19, 2019 – Aug 23, 2019):
NIFTY METAL Index closed the week on positive note gaining 4.05 Points +0.17%
Weekly High: 2423.65
Weekly Low: 2350.05
Weekly Close: 2402.05
RESISTANCE 2: 2466
RESISTANCE 1: 2434
SUPPORT 1: 2360
SUPPORT 2: 2318
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 2500-2480 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 index 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 2650 on upside and 2250 on downside.