Nifty Metal Index Weekly Analysis 13-17 Jan 2020

Nifty Pharma Index 30 Min Chart 13-17 Jan 2020
Nifty Pharma Index 30 Min Chart 13-17 Jan 2020

Nifty Metal Index rose around 0.89 percent in the week gone by 13 Jan – 17 Jan. 2020

Nifty Metal Index fell around 0.18 percent previous week. This week (13 Jan – 17 Jan 2020) Nifty Metal Index was rallied from lower levels and posted gains of 0.89 percent. The index had 2 red days and 3 green days during the week.

Nifty Metal Index opened around 2853 levels on Monday, made a high of 2928 on Wednesday itself, lowest levels of 2848 were touched on Monday itself and closed around 2863 on Friday (17.1.2020)

On Monday ( 13-1-2020) Nifty Metal Index opened with a gap up of 13 points at 2851 and hit a high of 2866 at around 11 am in the morning session. The index could not move past day high and fell 20 points from day high levels to touch a day low level of 2846 at around 11.40 am. The index took support at 2850 levels and rallied 3o points from day low levels to touch a new day high level of 2877 at around 2 pm. The index closed the day at 2873 up 32 points or 1.2 percent.

On Tuesday (14-1-2020) Nifty Metal opened at 2880 and rallied 36 points from opening levels to touch a day high level of 2916 at around 10 am. The index faced heavy resistance at higher levels and fell 35 points from day high levels to trade around 2881 levels in the afternoon session. The index recovered 21 points from afternoon low levels to close the day at 2900 up 27 points or 0.95 percent.

On Wednesday (15-1-2020) Nifty Metal Index at 2888 levels and touched a low of 2771 on the second five minute candle which also turned out to be the lowest point of the day. The index showed its inherent strength and rallied 53 points non stop from day low levels to touch a day high level of 2924 at around 11.55 am. The index consolidated around day high levels for the rest of the day. The index closed the day at 2920 up 20 points or 0.7 percent.

On Thursday (16-1-2020) Nifty Metal Index opened at 2920 and touched a high of 2922 o the first five minute candle which also turned out to be the highest point of the day. The index faced heavy selling pressure in the morning session and fell 47 points non stop to touch a day low level of 2872 at around 11 am. The index recovered 16 points from day low levels to close the day at 2883 down 37 points or 1.3 percent.

On Friday (17-1-2020) Nifty Metal Index opened at 2882 levels and touched a day high level of 2894 on the second five minute candle. The index faced stiff resistance at 2890-2900 levels and fell 33 points from day high levels to touch a day low level of 2860 at around 12.10 pm. The index closed the day at around day low level of 2863 down 19 points or 0.69 percent.

“Nifty Metal Index is trading around resistance levels of 2916. If the index moves up in the coming days and breaks 2916 levels it can rally towards 3029 level. But if the index decides to trend downwards it can fall towards 2700 levels.”

The highest gainer in the Nifty Metal Index during the week was Welspun Corp gaining about 8 percent and the biggest loser was Jsw Steel down 1.5 percent during the week

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