EquityPandit’s Outlook for NIFTY METAL for the week (Feb 11, 2019 – Feb 15, 2019) :  

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 2.70%.

As we have mentioned last week, that support for the index lies in the zone of 2800 to 2850 where long term 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 2500 to 2550. During the week the index manages to hit a low of 2732 and close the week around the levels of 2741.

The index has broken down from the long term support zone of 2800 to 2850. So the index can witness a freefall and the index can drift to the levels of 2500 to 2550.

Resistance for the index lies in the zone of 2800 to 2850 where long term Fibonacci levels are lying. If the index manages close above these levels then the index can move to the levels of 2900 to 2950 from where the index broke down after consolidation and low for the month of December-2018 is lying.

Broad range for the index is seen between 2600 to 2650 on downside & 2900 to 2950 on upside.