EquityPandit’s Outlook for NIFTY METAL for the week (Jan 21, 2019 – Jan 25, 2019) :  

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 0.50%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 3004 and close the week around the levels of 2957.

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 3030 to 3080 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 2800 to 2850 on downside & 3100 to 3150 on upside.