EquityPandit’s Outlook for NIFTY METAL for the week  (Aug 21, 2017 – Aug 25, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 5.20%.

As we have mentioned last week, that support for the index lies in the zone of 3200 to 3230 from where the index broke out of March-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 3060 to 3100 where break out levels for the index is lying and short term moving averages are lying. During the week the index manages to hit a low of 3251 and close the week around the levels of 3385.

Minor support for the index lies in the zone of 3300 to 3330. Support for the index lies in the zone of 3200 to 3230 from where the index broke out of March-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 3060 to 3100 where break out levels for the index is lying and short term moving averages are lying.

Resistance for the index lies in the zone of 3450 to 3460 where the index has formed a double top pattern. If the index manages to close above these levels then the index can move to the levels of 3520 to 3550 where the index has formed a life time high.

Broad range for the index is seen between 3250 to 3280 on downside & 3500 to 3550 on upside.