Nifty Metal Weekly Outlook and Analysis:
For the Week: (June 05, 2021 – June 11, 2021)
NIFTY METAL Index closed the week on positive note gaining 283.40 points 5.61%.
Weekly High: 5,360.75
Weekly Low: 5,034.65
Weekly Close: 5,339.15
Weekly Support & Resistance For Nifty Metal Index:
NIFTY METAL index opened flat and traded choppy in early part of the week. Index witnessed buying in later half of the week tracking broader rally and ended on strong note. We expect index likely to continue this uptrend going forward after sideways corrective action last couple of weeks.
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 5200 levels, whereas minor resistance on the upside is capped around 5450-5500 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 4900 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 5750.
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 5000 on downside and 5700 on upside.