EquityPandit’s Outlook for NIFTY METAL for the week  (Sep 11, 2017 – Sep 15, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 3.00%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 3486 and close the week around the levels of 3653.

Support for the index lies in the zone of 3550 to 3600 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3450 to 3500 from where the index broke out of double top pattern.

Resistance for the index lies in the zone of 3650 to 3700 where trend-line joining earlier highs is lying. If the index manages to close above these levels then the index can move to the levels of 3750 to 3770.

Broad range for the index is seen between 3450 to 3500 on downside & 3750 to 3800 on upside.