Nifty Metal Weekly Outlook and Analysis:

For the Week: (Feb 07, 2022 – Feb 11, 2022)

NIFTY METAL Index closed the week on positive note gaining 363.45 points 6.65%.

Weekly High: 5,882.05

Weekly Low: 5,463.45

Weekly Close: 5,829.50

Weekly Support & Resistance For Nifty Metal Index:

RESISTANCE 2	6,143
RESISTANCE 1	5,986
SUPPORT 1	5,567
SUPPORT 2	5,306

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 5700 levels, whereas minor resistance on the upside is capped around 5950-6000 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 5500 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 6150.

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 5550 on downside and 6100 on upside.

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