EquityPandit’s Outlook for NIFTY METAL for the week (Mar 05, 2019 – Mar 08, 2019) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 2.80%.

As we have mentioned last week, that resistance for the index lies in the zone of 2800 to 2850 where long term Fibonacci levels are lying. If the index manages close above these levels then the index can move to the levels of 2900 to 2950 from where the index broke down after consolidation and low for the month of December-2018 is lying. During the week the index manages to hit a high of 2926 and close the week around the levels of 2923.

Support for index lies around 2800 to 2850 where long term Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2700 to 2750 from where the index broke out of consolidation.

Resistance for the index lies in the zone of 2950 to 3000 from where the index broke down after consolidation and low for the month of December-2018 is lying. If the index manages close above these levels then the index can move to the levels of 3050 to 3100 where Fibonacci levels and medium term moving averages are lying.

Broad range for the index is seen between 2750 to 2800 on downside & 3050 to 3100 on upside.