EquityPandit’s Outlook for NIFTY METAL for the week  (Oct 09, 2017 – Oct 13, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 4.50%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 3720 and close the week around the levels of 3711.

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 3420 to 3450 from where the index broke out of double top pattern and short term moving averages are lying.

Resistance for the index lies in the zone of 3680 to 3720 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 3770 to 3800.

Broad range for the index is seen between 3500 to 3550 on downside & 3800 to 3850 on upside.