EquityPandit’s Outlook for NIFTY METAL for the week  (Aug 07, 2017 – Aug 11, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 3.00%.

As we have mentioned last week, that resistance for the index lies in the zone of 3200 to 3230 where the index has formed a top in the month of March-2017. If the index manages to close above these levels then the index can move to the levels of 3300 to 3325. During the week the index manages to hit a high of 3310 and close the week around the levels of 3302.

Minor support for the index lies in the zone of 3250 to 3270. Support for the index lies in the zone of 3200 to 3230 from where the index broke out of March-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 3050 to 3100 where break out levels for the index is lying and short term moving averages are lying.

Resistance for the index lies in the zone of 3330 to 3350. If the index manages to close above these levels then the index can move to the levels of 3500 to 3550 where life time highs for the index is lying.

Broad range for the index is seen between 3200 to 3230 on downside & 3400 to 3450 on upside.