EquityPandit’s Outlook for NIFTY METAL for the week  (Aug 14, 2017 – Aug 18, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 2.60%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 3194 and close the week around the levels of 3217.

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 3060 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 3300 to 3330. If the index manages to close above these levels then the index can move to the levels of 3400 to 3450 where the index has formed a short term top.

Broad range for the index is seen between 3050 to 3100 on downside & 3400 to 3450 on upside.