Nifty Metal Outlook for the Week (Nov 09,2020 – Nov 13,2020)

For the Week: (Nov 09,2020 – Nov 13,2020)

NIFTYMETAL
NIFTY METAL Index closed the week on negative note losing 99.40 points 4.07%.

Weekly High: 2,434.75

Weekly Low: 2,279.45

Weekly Close: 2,343.60

Weekly Support & Resistance For Nifty Metal Index:

RESISTANCE 2 2,507
RESISTANCE 1 2,425
SUPPORT 1 2,270
SUPPORT 2 2,197

NIFTY METAL index has witnessed profit booking back of global weakness. We expect index likely to remain under pressure amid rising concern of lockdown in Europe after second wave of pandemic.

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2275 levels, whereas minor resistance on the upside is capped around 2400-2425 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 2200 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 2500.

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 2225 on downside and 2475 on upside.