EquityPandit’s Outlook for NIFTY METAL for the week (Feb 25, 2019 – Mar 01, 2019) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 6.20%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 2650 and close the week around the levels of 2842.

Minor support for the index lies around 2700 to 2750. Support for index lies around 2600 to 2650 where the index has formed a double bottom pattern. 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 2700 to 2750 on downside & 2950 to 3000 on upside.