EquityPandit’s Outlook for NIFTY METAL for the week (February 20, 2017 – February 24, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 0.70%.

As we have mentioned last week that minor resistance for the index lies in the zone of 3100 to 3120. Resistance for the index lies in the zone of 3180 to 3200. Resistance for the index lies in the zone of 3330 to 3370 from where the index sold off in the month of August-2014. If the index manages to close above these levels then the index can move to the levels of 3500 to 3550 where the index has formed a top in the month of June-2014. During the week the index manages to hit a high of 3116 and close the week around the levels of 3054.

Minor support for the index lies in the zone of 3000 to 3050. Support for the index lies in the zone of 2850 to 2900 from where the index broke out from double top pattern. If the index manages to close below these levels then the index can drift to the levels of 2750 to 2775 where medium term moving averages and Fibonacci levels are lying.

Minor resistance for the index lies in the zone of 3100 to 3120. Resistance for the index lies in the zone of 3180 to 3200. Resistance for the index lies in the zone of 3330 to 3370 from where the index sold off in the month of August-2014. If the index manages to close above these levels then the index can move to the levels of 3500 to 3550 where the index has formed a top in the month of June-2014.

Broad range for the index is seen between 2930 to 2950 on downside & 3120 to 3150 on upside.