EquityPandit’s Outlook for NIFTY METAL for the week  (Sep 25, 2017 – Sep 29, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 4.70%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 3479 and close the week around the levels of 3492.

Support for the index lies in the zone of 3410 to 3440 from where the index broke out of double top pattern and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3200 to 3230 from where the index broke out of March-2017 highs.

Resistance for the index lies in the zone of 3550 to 3600 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3650 to 3700 where trend-line joining earlier highs is lying.

Broad range for the index is seen between 3200 to 3250 on downside & 3700 to 3750 on upside.