EquityPandit’s Outlook for NIFTY METAL for the week (Feb 12, 2018 – Feb 16, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 1.00%.

As we have mentioned last week, that support for the index lies in the zone of 3850 to 3900 where break out levels and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3550 to 3600 where break out levels are lying. During the week the index manages to hit a low of 3718 and close the week around the levels of 3986.

Support for the index lies in the zone of 3850 to 3900 where break out levels and short & medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3550 to 3600 where break out levels and long term moving averages are lying.

Resistance for the index lies in the zone of 3980 to 4000 where break down levels are lying. If the index manages close above these levels then the index can move to the levels of 4150 to 4200 from where the index has broken down.

Broad range for the index is seen between 3750 to 3800 on downside & 4100 to 4150 on upside.