This is a quick one. The chart should tell you everything there is to know. We will keep updating the comments below as the price action unfolds.
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#NiftyMetal trend was weak and on 13th March it breached the long term trend line on Relative Momentum indicator.
Metal Sector mainly consists of two industries:
1. Iron & Steel Products
2. Iron & Steel Interim products
Both these industries are trending down.
Hello All,
The recommendations are purely for educational purpose only, consult you financial advisor before trading.
Targets are mentioned in charts (either red lines or balck lines), keep Stop Loss as per your risk..
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Gautam Khanna
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📈Keep an eye on Nifty Metals Index .
📈On 13th Feb Index has formed hammer candle which indicates trend reversal.
📈Metal index has taken support on trendline as shown into chart and started moving upwards. 📈Index has made triple top and triple bottom pattern on daily chat. We may see bullishness till 8348 level.
📈Stocks to watch into Metal Sector are as...
Nifty Metal broke out of the expanding triangle in the year 2022 with an amazing rally of 350%
After this rally, it consolidated for a while in the form of another contracting triangle till November last year and it recently retested the upper channel of the contracting triangle
I will look to buy at current market price
Stoploss @ 6,350
Target @ 20,000
Time...
2. Nifty Metal - 2nd highest fall among Nifty Peers - 3.82%
Monthly Chart - After a 10+ years BOX pattern BO in 2021, it went higher and formed an Bullish Ascending Triangle and BO was also done
Weekly Chart - After BO the usual retest is happening. Once again - compare the previous weekly RED candles - nothing alarming today and Bullish Pattern perfectly...
A breakout from a bullish pennant in NIFTY METAL suggests a potential upward trend continuation. Traders often look for confirmation and monitor volume during the breakout for stronger signals. Keep an eye on the price action for further indications of the market's direction.
Dollar Index has turned berish so metal should outperform in normal scenario and the same is visible on this ratio chart. It seems just begining of the metal trend. It can reverse anytime if dollar index again turns bullish so keep your SL in place
Possibly nifty metal index is following this trend and next levels are way higher in near future.
It’s just an analysis and can be not perfect or correct so please take it just as a possibility.
The Nifty Metal index is all set to climb up towards 7200 in wave V of 3.
At the current levels it provides an excellent entry with really impressive RR.
6400 is the support
6270 SL
Metal Index is showing strength, but all metal stocks are not participating. Index may breakout in coming days. Chart is self-explanatory. Market is in corrective/sideways mode so one should wait for complete confirmation before entering trade.
CNX Metal 6116
There is possible wave counts
as well as WW developed...
Below red line...
I am expecting price towards Purple line...
Chart is for study purpose only!!
Vedang :)
Feb is closing with a big red candle.
Looks like another 700-800 points fall in this Index is inevitable.
This is going to come down to the support line.
On a daily chart there are gaps at 5330-40 and 5020-30, where the first gap is already filled and waiting for the second gap to be filled.
