EquityPandit’s Outlook for NIFTY METAL for the week (Feb 24, 2020 – Feb 28, 2020):

NIFTY METAL:

NIFTY METAL Index closed the week on negative note losing 39.35 points 1.48%.

Weekly High: 2,627.25

Weekly Low: 2,514

Weekly Close: 2,612.25

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2535 levels, whereas minor resistance on the upside is capped around 2675-2700 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 2450 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 2750.

Currently NIFTY METAL index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 2475 on downside and 2725 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 2,697

RESISTANCE 1: 2,655

SUPPORT 1: 2,541

SUPPORT 2: 2,471