EquityPandit’s Outlook for NIFTY METAL for the week (Feb 18, 2019 – Feb 22, 2019) :  

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 2.30%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 2805 and close the week around the levels of 2677.

Support for index lies around 2600 to 2650. If the index manages to close below these levels then the index can witness a free fall to the levels of 2500 to 2550 where long term Fibonacci levels are lying.

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 2500 to 2550 on downside & 2850 to 2900 on upside.