EquityPandit’s Outlook for NIFTY METAL for the week (Jan 29, 2018 – Feb 02, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 2.50%.

As we have mentioned last week, that support for the index lies in the zone of 3950 to 3980 from where the index has broken out of top formed in the month of October-2017 and November-2017. If the index manages to close below these levels then the index can drift to the levels of 3800 to 3850 where break out levels and short term moving averages are lying. During the week the index manages to hit a low of 3985 and close the week around the levels of 4135.

Minor support for the index lies in the zone of 4050 to 4080. Support for the index lies in the zone of 3950 to 3980 from where the index has broken out of top formed in the month of October-2017 and November-2017. If the index manages to close below these levels then the index can drift to the levels of 3800 to 3850 where break out levels and short term moving averages are lying.

Resistance for the index lies in the zone of 4150 to 4200 from where the index has broken down. If the index manages close above these levels then the index can move to the levels of 4250 to 4300 where the index has formed a top.

Broad range for the index is seen between 3950 to 4000 on downside & 4250 to 4300 on upside.