EquityPandit’s Outlook for NIFTY METAL for the week (Feb 26, 2018 – Mar 02, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 0.90%.

As we have mentioned last week, that support for the index lies in the zone of 3850 to 3900 where break out levels and medium 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 and long term moving averages are lying. During the week the index manages to hit a low of 3861 and close the week around the levels of 4029.

Minor resistance for the index lies in the zone of 3980 to 4000. Support for the index lies in the zone of 3850 to 3900 where break out levels and medium 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 and long term moving averages are lying.

Resistance for the index lies in the zone of 4050 to 4100 where break down levels are lying. If the index manages close above these levels then the index can move to the levels of 4200 to 4250 where the index has formed a high in the month of January-2018.

Broad range for the index is seen between 3850 to 3900 on downside & 4200 to 4250 on upside.