EquityPandit’s Outlook for NIFTY METAL for the week  (Dec 18, 2017 – Dec 22, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 0.60%.

As we have mentioned last week, that resistance for the index lies in the zone of 3700 to 3750 where trend-line joining earlier highs 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 3900 to 3950 from where the index broke down after consolidation. During the week the index manages to hit a high of 3699 and close the week around the levels of 3666.

Support for the index lies in the zone of 3550 to 3600 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3350 to 3400 where the index has formed a bottom in the month of September-2017.

Resistance for the index lies in the zone of 3700 to 3750 where trend-line joining earlier highs 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 3900 to 3950 from where the index broke down after consolidation.

Broad range for the index is seen between 3500 to 3550 on downside & 3800 to 3850 on upside.