Nifty Metal Outlook for the Week (Dec 07,2020 – Dec 11,2020)

For the Week: (Dec 07,2020 – Dec 11,2020)

NIFTYMETAL
NIFTY METAL Index closed the week on positive note gaining 235.60 points 8.05%.

Weekly High: 3,193.55

Weekly Low: 2,935.70

Weekly Close: 3,161.35

Weekly Support & Resistance For Nifty Metal Index:

RESISTANCE 2 3,354
RESISTANCE 1 3,258
SUPPORT 1 3,000
SUPPORT 2 2,839

NIFTY METAL index opened gap up and rallied throughout the week. Index clocked gain for fifth week in row. Index traded at its upper trend line resistance zone. We expect index could witness profit booking after strong rally, investor should adopt buy on dip strategy going forward.

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 3000 levels, whereas minor resistance on the upside is capped around 3225-3250 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 2850 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 3400.

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 2900 on downside and 3350 on upside.