Nifty Metal Outlook for the Week (Oct 12,2020 – Oct 16,2020)

For the Week: (Oct 12,2020 – Oct 16,2020)

NIFTYMETAL
NIFTY METAL Index closed the week on negative note losing 00.40 points 0.02%.

Weekly High: 2,345.65

Weekly Low: 2,255.70

Weekly Close: 2,260.85

Weekly Support & Resistance For Nifty Metal Index:

RESISTANCE 2 2,377
RESISTANCE 1 2,319
SUPPORT 1 2,229
SUPPORT 2 2,197

NIFTY METAL index formed inverted hammer pattern on weekly charts which suggest pause in trend. We expect index could witness selling pressure if it unable to hold its 100 day ema lies at 2225 levels.

Technically on the daily charts we see minor support on the downside for NIFTY METAL index lies at 2200 levels, whereas minor resistance on the upside is capped around 2320-2340 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 2150 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 2400.

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 2175 on downside and 2375 on upside.