For the Week: (Dec 28,2020 – Jan 01,2021)
NIFTY METAL Index closed the week on negative note losing 72.30 points 2.25%.
Weekly High: 3,223.90
Weekly Low: 2,980.25
Weekly Close: 3,144.30
Weekly Support & Resistance For Nifty Metal Index:
NIFTY METAL index opened tad lower and extended losses in opening session of the week. However, index recouped partial losses tracking recovery in broader indices. We expect index could continue sideways corrective action going forward. Momentum indicator trending down which supports bearish activity.
Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 3075 levels, whereas minor resistance on the upside is capped around 3210-3230 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 3000 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 3300.
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 3025 on downside and 3250 on upside.