EquityPandit’s Outlook for NIFTY METAL for the week  (April 03, 2017 – April 07, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 0.80%

As we have mentioned last week that minor support for the index lies in the zone of 3080 to 3100. Support for the index lies in the zone of 2990 to 3020 where bottom for the month of February-2017 is lying. If the index manages to close below these levels then the index can drift to the levels of 2890 to 2910 from where the index broke out from November-2016 and December-2016 highs. During the week the index manages to hit a low of 3035 and close the week around the levels of 3097.

Minor support for the index lies in the zone of 3050 to 3060. Support for the index lies in the zone of 2990 to 3020 where bottom for the month of February-2017 is lying. If the index manages to close below these levels then the index can drift to the levels of 2890 to 2910 from where the index broke out from November-2016 and December-2016 highs.

Minor resistance for the index lies in the zone of 3110 to 3120. Resistance for the index lies in the zone of 3150 to 3180 from where the index broke down on intraday basis. If the index manages to close above these levels then the index can move to the levels of 3220 to 3250.

Broad range for the index is seen between 3000 to 3030 on downside & 3170 to 3200 on upside.