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NIFTY METAL:

NIFTY METAL Index closed the week on positive note gaining 52.85 points 1.95%.

Weekly High: 2,768.75

Weekly Low: 2,694.55

Weekly Close: 2,760.35

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2700 levels, whereas minor resistance on the upside is capped around 2800-2825 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 2650 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 2875.

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 2700 on downside and 2850 on upside.

RESISTANCE 2: 2,815

RESISTANCE 1: 2,787

SUPPORT 1: 2,713

SUPPORT 2: 2,667