Weekly Technical Outlook: NIFTY METAL : 6447.20 weekly change (+1.95%) By Gepl Capital
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NIFTY METAL
Observation
On the weekly timeframe of NIFTY METAL, we can spot that the index is moving in expanding range, where the current trend is moving on the upside.
The prices have given a breakout from the rectangle pattern this week, which indicated continuation of prior uptrend.
On the Daily time frame prices are hovering around the upper Bollinger band while Bollinger band expanding, indicating rising volatility of the index.
RSI plotted on the Daily timeframe as well as on the weekly timeframe is trading above 50 mark, reflecting strong momentum in the index.
Inference & Expectations
Looking at the overall structure of the prices and the evidence provided by indicator we can infer that structure of NIFTY METAL has started to continue its uptrend.
We expect the prices to go higher till 6825 (Swing High), followed by 7050 level.
Our Positive view will be negated if we see prices sustaining below the level of 5600.
NIFTY REALTY
Observation
On the weekly timeframe of NIFTY REALTY, we can spot that the Index has formed Higher Low Formation which indicates the sign of reversal to the upside.
Around the level of 375—415 we can witness the change in the polarity by the prices, indicating rising bullish sentiment.
Prices have shown a bounce on the upside post retesting the breakout of Bearish channel in first week of August 2022. This indicated beginning of the trend on the upside.
The index have sustained well above 36 weeks EMA which had acted as a strong variable support for the prices.
RSI plotted on the weekly timeframe is rising with the trend indicates that the index has the momentum to go Higher.
Inference & Expectations
Looking at the overall structure of prices and the evidence provided by indicator we can infer that the Index has sustained above all crucial supports.
We expect the existing trend to move higher till the 527.
Our Bullish view will be negated if we see prices sustaining below the 315 mark (CIP Level).
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