EquityPandit’s Outlook for NIFTY METAL for the week (Oct 22, 2018 – Oct 26, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 2.10%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 3297 and close the week around the levels of 3365.

Support for the index lies in the zone of 3330 to 3380 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 3280 where the index has taken support in the month of August-2018.

Minor resistance for the index lies in the zone of 3420 to 3450. 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 3200 to 3250 on downside & 3500 to 3550 on upside.