Nifty Metal Weekly Outlook and Analysis:
For the Week: (April 12,2021 – April 16,2021)
NIFTY METAL Index closed the week on positive note gaining 278.15 points 6.64%.
Weekly High: 4,588.85
Weekly Low: 4,101.15
Weekly Close: 4,467.30
Weekly Support & Resistance For Nifty Metal Index:
NIFTY METAL index opened gap up retain gain despite broader weakness in opening session of the week. Index extended gain in later half of the week and registered fresh fifty two weeks high. Though index is in strong uptrend, it could witness profit booking or sideways action after relentless rally of from last two weeks.
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 4300 levels, whereas minor resistance on the upside is capped around 4600-4650 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 4100 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 4800.
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 4200 on downside and 4750 on upside.