EquityPandit’s Outlook for NIFTY METAL for the week  (April 24, 2017 – April 28, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 2.70%.

As we have mentioned last week that minor resistance for the index lies in the zone of 3020 to 3040. Resistance for the index lies in the zone of 3080 to 3100 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 3150 to 3170. During the week the index manages to hit a high of 3020 and close the week around the levels of 2905.

Support for the index lies in the zone of 2880 to 2910 from where the index broke out from November-2016 and December-2016 highs. If the index manages to close below these levels then the index can drift to the levels of 2750 to 2800 where Fibonacci levels and 200 Daily moving averages are lying.

Minor resistance for the index lies in the zone of 2950 to 2970. Resistance for the index lies in the zone of 3020 to 3050 from where the index broke down after consolidation and short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3130 to 3150.

Broad range for the index is seen between 2800 to 2830 on downside & 3000 to 3030 on upside.