Nifty Metal Weekly Outlook and Analysis:
For the Week: (May 3,2021 – May 7,2021)
NIFTY METAL Index closed the week on positive note gaining 401.10 points 9.02%.
Weekly High: 4,936.50
Weekly Low: 4,488.85
Weekly Close: 4,847.95
Weekly Support & Resistance For Nifty Metal Index:
NIFTY METAL index opened tad higher tracking broader gain in opening session of the week. Index continued its buying activ-ity throughout the week which helped indices to end on strong note. Though index is in uptrend, we expect it could witness profit booking if broader market resume southward journey.
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 4700 levels, whereas mi-nor resistance on the upside is capped around 4950-5000 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 4400 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 5200.
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 4500 on downside and 5100 on upside.