EquityPandit’s Outlook for NIFTY METAL for the week (Feb 05, 2018 – Feb 09, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 4.50%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 4217 and close the week around the levels of 3948.

Support for the index lies in the zone of 3850 to 3900 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 3550 to 3600 where break out levels are lying.

Resistance for the index lies in the zone of 3980 to 4000 where break down levels are lying. If the index manages close above these levels then the index can move to the levels of 4150 to 4200 from where the index has broken down.

Broad range for the index is seen between 3750 to 3800 on downside & 4050 to 4100 on upside.