Nifty Metal Weekly Outlook and Analysis:
For the Week: (May 10, 2021 – May 14, 2021)
NIFTY METAL Index closed the week on a positive note gaining 487.90 points 10.06%.
Weekly High: 5,387.10
Weekly Low: 4,786.05
Weekly Close: 5,335.85
Weekly Support & Resistance For Nifty Metal Index:
The NIFTY METAL index opened flat and witness buying early part of the week despite broader gain. Index extended gain in the later half of the week tracking better than expected quarterly results of steel major. We expect the index likely to continue this up move if the broader market remains resilient going forward.
Technically on the daily charts, we see minor support on the downside for the NIFTY METAL index lies at 5150 levels, whereas mi-nor resistance on the upside is capped around 5550-5600 levels.
If the NIFTY METAL index breaches minor support on the downside and closes below it, we may see a fresh break down and the index can drag towards major support on the lower side around 4800 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 5850.
Currently, the NIFTY METAL index is trading above 200 days exponential moving average and suggests the long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 4900 on the downside and 5750 on the upside.