EquityPandit’s Outlook for NIFTY METAL for the week (Apr 16, 2018 – Apr 20, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 3.30%.

As we have mentioned last week, that resistance for the index lies in the zone of 3600 to 3650 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. During the week the index manages to hit a high of 3748 and close the week around the levels of 3725.

Support for the index lies in the zone of 3600 to 3650 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3500 to 3550 from where the index broke out.

Resistance for the index lies in the zone of 3700 to 3750 from where the index broke down from February-2018 lows. If the index manages close above these levels then the index can move to the levels of 3800 to 3850 where Fibonacci levels and short & medium term moving averages are lying.

Broad range for the index is seen between 3550 to 3600 on downside & 3850 to 3900 on upside.