EquityPandit’s Outlook for NIFTY METAL for the week  (Oct 30, 2017 – Nov 03, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 3.30%.

As we have mentioned last week, that resistance for the index lies in the zone of 3850 to 3870. If the index manages to close above these levels then the index can move to the levels of 3920 to 3950. During the week the index manages to hit a high of 3982 and close the week around the levels of 3945.

Minor support for the index lies in the zone of 3800 to 3850. Support 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 below these levels then the index can drift to the levels of 3550 to 3600 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 3920 to 3950. If the index manages to close above these levels then the index can move to the levels of 4100 to 4150.

Broad range for the index is seen between 3700 to 3750 on downside & 4100 to 4150 on upside.