EquityPandit’s Outlook for NIFTY METAL for the week  (July 24, 2017 – July 28, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 2.00%.

As we have mentioned last week, that resistance for the index lies in the zone of 3100 to 3150 from where the index has broken down in the month of March-2017 and April-2017. If the index manages to close above these levels then the index can move to the levels of 3200 to 3230 where the index has formed a top in the month of March-2017. During the week the index manages to hit a high of 3232 and close the week around the levels of 3203.

Minor support for the index lies in the zone of 3150 to 3170. Support for the index lies in the zone of 3050 to 3070 from where the index broke out of May-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 2920 to 2950 from where the index has opened gap up.

Resistance for the index lies in the zone of 3200 to 3230 where the index has formed a top in the month of March-2017. If the index manages to close above these levels then the index can move to the levels of 3300 to 3325.

Broad range for the index is seen between 3100 to 3130 on downside & 3300 to 3330 on upside.