EquityPandit’s Outlook for NIFTY METAL for the week ( Jan 01, 2018 – Jan 05, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 2.70%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 3985 and close the week around the levels of 3940.

Support for the index lies in the zone of 3800 to 3850 where break out levels 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 3700 to 3750 where medium term moving averages and break out levels are lying.

Resistance for the index lies in the zone of 3980 to 4020 where the index has formed a top in the month of October-2017 and November-2017. If the index manages to close above these levels then the index can move to the levels of 4100 to 4150 where trend-line resistance for the index is lying.

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