EquityPandit’s Outlook for NIFTY METAL for the week (Sept 23, 2019 – Sept 27, 2019):
NIFTY METAL Index closed the week on positive note gaining 53 Points +2.19%
Weekly High: 2519.40
Weekly Low: 2335.90
Weekly Close: 2497.65
RESISTANCE 2: 2,634
RESISTANCE 1: 2,566
SUPPORT 1: 2,382
SUPPORT 2: 2,267
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2400 levels, whereas minor resistance on the upside is capped around 2600-2650 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 2325 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 2750.
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 2400 on downside and 2650 on upside.