EquityPandit’s Outlook for NIFTY METAL for the week (Nov 11, 2019 – Nov 15, 2019):
NIFTY METAL Index closed the week on positive note gaining 51.20 Points 2.00%.
Weekly High: 2,677.85
Weekly Low: 2,578.35
Weekly Close: 2,612.95
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2550 levels, whereas minor resistance on the upside is capped around 2675-2700 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 2450 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 2800.
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 2450 on downside and 2750 on upside.
WEEKLY PIVOT LEVELS FOR NIFTY METAL:
RESISTANCE 2: 2,722
RESISTANCE 1: 2,667
SUPPORT 1: 2,568
SUPPORT 2: 2,523