EquityPandit’s Outlook for NIFTY METAL for the week (Jan 07, 2019 – Jan 11, 2019) :  

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 3.50%.

As we have mentioned last week, that support for the index lies in the zone of 3050 to 3100 where Fibonacci levels are lying. If the index manages to close below these levels then the index can witness a freefall and the index can drift to the levels of 2850 to 2900. During the week the index manages to hit a low of 2949 and close the week around the levels of 3002.

Support for the index lies in the zone of 2850 to 2900 where long term Fibonacci levels are lying. If the index manages to close below these levels then the index can witness a freefall and the index can drift to the levels of 2500 to 2550.

Resistance for the index lies in the zone of 3050 to 3100 where Fibonacci levels are lying. If the index manages close above these levels then the index can move to the levels of 3150 to 3200 where Fibonacci levels and short term moving averages are lying.

Broad range for the index is seen between 2850 to 2900 on downside & 3150 to 3200 on upside.