CNX NIFTY METAL - CHART ANALYSIS

Heavyweight metal stocks like NALCO and Vedanta faced immense selling pressure, posting double-digit losses due to localized profit-booking and fluctuating global commodity cues. National Aluminium Company (NALCO) saw a Weekly Loss of 11.7% , Vedanta Ltd. saw a Weekly Loss of 10.6% and Hindustan Zinc Ltd saw a Weekly Loss of 8.1%. CNX Metal Index (Nifty Metal) is currently exhibiting a strong bearish momentum. The index has broken below key short-term averages, with momentum indicators pointing to a sustained selling pressure. We can see an Bearish Engulfing Candle Stick a strong reversal pattern on Monthly Charts. MACD Histogram crossing below zero indicates we may see more downside in Nifty Metal Index. However, RSI is Still above 50 on weekly charts and previously Nifty Metal took support near RSI 50 levels when it made a low of 10,819.85. Thus, We may further downside if RSI crosses below 50 in the near future. $NATIONALUM $VEDL $HINDZINC