EquityPandit’s Outlook for NIFTY METAL for the week  (Sep 04, 2017 – Sep 08, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 3.80%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 3545 and close the week around the levels of 3542.

Support for the index lies in the zone of 3450 to 3460 from where the index has broken out of double top pattern. If the index manages to close below these levels then the index can drift to the levels of 3320 to 3350 where the index has taken multiple support.

Resistance for the index lies in the zone of 3520 to 3550 where the index has formed a life time high. If the index manages to close above these levels then the index can move to the levels of 3600 to 3650.

Broad range for the index is seen between 3320 to 3380 on downside & 3650 to 3700 on upside.