Nifty Metal Weekly Outlook and Analysis:
For the Week: (April 05,2021 – April 09,2021)
NIFTY METAL Index closed the week on positive note gaining 333.85 points 8.66%.
Weekly High: 4,204.40
Weekly Low: 3,907.75
Weekly Close: 4,189.15
Weekly Support & Resistance For Nifty Metal Index:
NIFTY METAL index opened gap up rallied in opening session of the week. Index extended gain in later half of the week and registered fresh fifty two weeks highs. We expect index likely to continue its up move, though it is approaching strong resistance zone could trigger some profit booking.
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 4000 levels, whereas minor resistance on the upside is capped around 4300-4350 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 3800 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 4500.
Currently NIFTY METAL index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 3900 on downside and 4400 on upside.