EquityPandit’s Outlook for NIFTY METAL for the week (June 29, 2020 – July 03, 2020):
NIFTY METAL Index closed the week on positive note gaining 45.80 points 2.29%.
Weekly High: 2,123.60
Weekly Low: 1,995.70
Weekly Close: 2,043.35
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 1985 levels, whereas minor resistance on the upside is capped around 2100-2125 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 1900 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 2200.
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 1925 on downside and 2150 on upside.
NIFTY METAL WEEKLY PIVOT LEVELS:
RESISTANCE 2: 2,182
RESISTANCE 1: 2,112
SUPPORT 1: 1,984
SUPPORT 2: 1,926