EquityPandit’s Outlook for NIFTY METAL for the week (Dec 17, 2018 – Dec 21, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 1.30%.

As we have mentioned last week, that support for the index lies in the zone of 3050 to 3100 where the index has taken support in the month of July-2018 and November-2018. If the index manages to close below these levels then the index can witness a freefall and the index can drift to the levels of 2850 to 2900. During the week the index manages to hit a low of 2985 and close the week around the levels of 3112.

Support for the index lies in the zone of 3050 to 3100 where Fibonacci levels are lying. If the index manages to close below these levels then the index can witness a freefall and the index can drift to the levels of 2850 to 2900.

Minor resistance for the index lies in the zone of 3200 to 3250. Resistance for the index lies in the zone of 3350 to 3400 where Fibonacci levels and medium term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3450 to 3500 where Fibonacci levels and long term moving averages are lying.

Broad range for the index is seen between 2900 to 2950 on downside & 3250 to 3300 on upside.