EquityPandit’s Outlook for NIFTY METAL for the week  (Dec 26, 2017 – Dec 29, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining 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 3350 to 3400 where the index has formed a bottom in the month of September-2017. During the week the index manages to hit a low of 3553 and close the week around the levels of 3839.

Support for the index lies in the zone of 3750 to 3780 where short term moving averages are 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 3850 to 3900 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 3980 to 4020 where the index has formed a top in the month of November-2017.

Broad range for the index is seen between 3600 to 3650 on downside & 3950 to 4000 on upside.