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

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 1.70%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 4102 and close the week around the levels of 3961.

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 3800 to 3850 on downside & 4100 to 4150 on upside.