For the Week: (Dec 14,2020 – Dec 18,2020)
NIFTY METAL Index closed the week on negative note losing 15.25 points 0.48%.
Weekly High: 3,202.35
Weekly Low: 3,056.70
Weekly Close: 3,146.10
Weekly Support & Resistance For Nifty Metal Index:
NIFTY METAL index opened flat and witnessed profit booking in first half of the week. However, index rallied in second half tracking rally in broader market. Index ended week with mute loss after v shaped recovery. We expect index could continue its uptrend if broader market remain resilient. 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 3050 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 2950 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 3350.
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 3000 on downside and 3300 on upside.