PL Technical Research: TECHNICAL VIEW : - CNX NIFTY METAL

PL Technical Research: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt.

CNX NIFTY METAL cmp: 6450, the index has corrected from the peak zone of 7175 levels and recently breached below the significant 50EMA level of 6690 zone to slightly weaken the bias. Currently the index is positioned near the 6400 levels of the retracement zone of 38.20% of the recent rally and with some consolidation witnessed can expect for a pullback. Technically, the near term support is strong near the important 200 period MA and the 50% retracement zone of 6200 levels below which the trend can turn further weak. From current levels, a decisive breach above the 50EMA level of 6700 shall strengthen the bias and can anticipate for further rise. Till then one can watch for the stocks like JSW Steel, Jindal Saw, Jindal Steel, Hindalco, Hind Copper and SAIL