EquityPandit’s Outlook for NIFTY METAL for the week (July 02, 2018 – July 06, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 0.30%.

As we have mentioned last week, that support for the index lies in the zone of 3400 to 3450 where the index has taken support in the month of March-2018 and May-2018. 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 has broken out in the month of March-2017. During the week the index manages to hit a low of 3318 and close the week around the levels of 3440.

Support for the index lies in the zone of 3400 to 3450 where the index has taken support in the month of March-2018 and May-2018. 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 has broken out in the month of March-2017.

Resistance for the index lies in the zone of 3550 to 3600 where Fibonacci levels are lying. If the index manages close above these levels then the index can move to the levels of 3730 to 3750 where Fibonacci levels and long term moving averages are lying.

Broad range for the index is seen between 3300 to 3330 on downside & 3600 to 3650 on upside.