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Nifty Metal Weekly Outlook and Analysis:
For the Week: (May 22, 2023 – May 26, 2023)
NIFTY METAL Index closed the week on negative note losing 72.85 points 1.28%.
Weekly High: 5,753.65
Weekly Low: 5,544.95
Weekly Close: 5,618.05
Weekly Support & Resistance For Nifty Metal Index:
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 5,525 levels, whereas minor resistance on the upside is capped around 5,675-5,700 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 5,425 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 5,800.
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 5,450 on downside and 5,750 on upside.