EquityPandit’s Outlook for NIFTY METAL for the week (Apr 23, 2018 – Apr 27, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 4.50%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 3944 and close the week around the levels of 3891.

Support for the index lies in the zone of 3800 to 3850 where Fibonacci levels and short & medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3700 to 3750 where Fibonacci levels and long term moving averages are lying.

Resistance for the index lies in the zone of 3950 to 4000 Fibonacci levels are lying. If the index manages close above these levels then the index can move to the levels of 4100 to 4130 where the index has formed a double top in the month of February-2018.

Broad range for the index is seen between 3650 to 3700 on downside & 4050 to 4100 on upside.