EquityPandit’s Outlook for NIFTY METAL for the week (Apr 09, 2018 – Apr 13, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 2.30%.

As we have mentioned last week, that resistance for the index lies in the zone of 3550 to 3600 where Fibonacci levels and long term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3700 to 3750 from where the index broke down from February-2018 lows. During the week the index manages to hit a high of 3614 and close the week around the levels of 3593.

Minor support for the index lies in the zone of 3500 to 3550. Support for the index lies in the zone of 3350 to 3400 where the index has taken support in the month of September-2017 and lows for the month of March-2018 are lying. If the index manages to close below these levels then the index can drift to the levels of 3200 to 3250 from where the index broke out from March-2017 highs.

Resistance for the index lies in the zone of 3600 to 3650 where Fibonacci levels and long term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3700 to 3750 from where the index broke down from February-2018 lows.

Broad range for the index is seen between 3400 to 3450 on downside & 3750 to 3800 on upside.