EquityPandit’s Outlook for NIFTY METAL for the week (Aug 06, 2018 – Aug 10, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 2.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 3400 to 3450 from where the index has broken down from the double bottom pattern and short term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3550 to 3600 where Fibonacci levels and medium term moving averages are lying. During the week the index manages to hit a high of 3387 and close the week around the levels of 3381.

Minor support for the index lies around 3250 to 3300. Support for the index lies in the zone of 3150 to 3200 from where the index broke out in the month of July-2018. If the index manages to close below these levels then the index can drift to the levels of 3050 to 3100 where the index has formed a bottom in the month of July-2018.

Resistance for the index lies in the zone of 3400 to 3450 from where the index has broken down from the double bottom pattern and short term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3550 to 3600 where Fibonacci levels and medium term moving averages are lying.

Broad range for the index is seen between 3200 to 3250 on downside & 3550 to 3600 on upside.