EquityPandit’s Outlook for NIFTY METAL for the week (Mar 12, 2018 – Mar 16, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 6.90%.

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 3678 and close the week around the levels of 3688.

Support for the index lies in the zone of 3550 to 3600 where break out levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3350 to 3400 where the index has taken support in the month of September-2017.

Minor resistance for the index lies in the zone of 3780 to 3820. Resistance for the index lies in the zone of 3900 to 3950 where medium term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 4050 to 4100 where break down levels are lying.

Broad range for the index is seen between 3500 to 3550 on downside & 3850 to 3900 on upside.