EquityPandit’s Outlook for NIFTY METAL for the week (March 23, 2020 – March 27, 2020):
NIFTY METAL Index closed the week on negative note losing 210.50 points 11.06%.
Weekly High: 1,852.45
Weekly Low: 1,558.05
Weekly Close: 1,692.85
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 1550 levels, whereas minor resistance on the upside is capped around 1825-1850 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 1400 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 2000.
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 1450 on downside and 2000 on upside.
Weekly Pivot Levels:
RESISTANCE 2: 1,995
RESISTANCE 1: 1,844
SUPPORT 1: 1,549
SUPPORT 2: 1,406