EquityPandit’s Outlook for NIFTY METAL for the week (Oct 15, 2018 – Oct 19, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 0.20%.

As we have mentioned last week, that support for the index lies in the zone of 3400 to 3450 where Fibonacci levels and short & medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3300 to 3350 where the index has taken support in the month of August-2018. During the week the index manages to hit a low of 3235 and close the week around the levels of 3438.

Support for the index lies in the zone of 3350 to 3400 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3250 to 3300 where the index has taken support in the month of August-2018.

Resistance for the index lies in the zone of 3500 to 3550 where Fibonacci levels and short term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3600 to 3650 where Fibonacci levels and long term moving averages are lying.

Broad range for the index is seen between 3250 to 3300 on downside & 3600 to 3650 on upside.