EquityPandit’s Outlook for NIFTY METAL for the week (Apr 02, 2018 – Apr 06, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 1.90%.

As we have mentioned last week, that resistance for the index lies in the zone of 3550 to 3600 where break out levels and long term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3700 to 3750 from where the index broke down from February-2018 lows. During the week the index manages to hit a high of 3595 and close the week around the levels of 3513.

Support for the index lies in the zone of 3350 to 3400 where the index has taken support in the month of September-2017 and lows for the month of March-2018 are lying. If the index manages to close below these levels then the index can drift to the levels of 3200 to 3250 from where the index broke out from March-2017 highs.

Resistance for the index lies in the zone of 3550 to 3600 where Fibonacci levels and long term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3700 to 3750 from where the index broke down from February-2018 lows.

Broad range for the index is seen between 3300 to 3350 on downside & 3700 to 3750 on upside.