EquityPandit’s Outlook for NIFTY METAL for the week (July 27,2020 – July 31, 2020):
NIFTY METAL Index closed the week on negative note losing 15.50 points 0.74%.
Weekly High: 2,168.70
Weekly Low: 2,071.25
Weekly Close: 2,087.50
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2025 levels, whereas minor resistance on the upside is capped around 2150-2175 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 1925 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 2250.
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 1950 on downside and 2200 on upside.
WEEKLY PIVOT LEVELS:
RESISTANCE 2: 2,206
RESISTANCE 1: 2,147
SUPPORT 1: 2,049
SUPPORT 2: 2,011