Nifty Metal

The Nifty Metal index has been in a corrective phase since May 10, 2021, and the entire correction has unfolded in a-b-c. Recently. the Nifty Metal index took support at the lower Bollinger Band and the 40DEMA and bounced back. Now the daily momentum indicator has turned bullish which indicates that the Nifty index is likely to start its Wave V on the upside. The bulls will gain momentum once the upper end of the channel is breached which is currently pegged at 5390. Wave I = Wave V works out to 6500 levels. I expect the Nifty Metal index to rise higher towards the equality level of 6500 in the forthcoming weeks