EquityPandit’s Outlook for NIFTY METAL for the week (February 27, 2017 – March 03, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 2.20%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 3034 and close the week around the levels of 3120.

Minor support for the index lies in the zone of 3050 to 3080. Support for the index lies in the zone of 2950 to 2980 where the index has formed a short term bottom. If the index manages to close below these levels then the index can drift to the levels of 2850 to 2900 from where the index broke out from double top pattern.

Resistance for the index lies in the zone of 3150 to 3170. 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 3030 to 3050 on downside & 3220 to 3250 on upside.