EquityPandit’s Outlook for NIFTY METAL for the week (Jan 08, 2018 – Jan 12, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 4.80%.

As we have mentioned last week, that resistance for the index lies in the zone of 3980 to 4020 where the index has formed a top in the month of October-2017 and November-2017. If the index manages to close above these levels then the index can move to the levels of 4100 to 4150 where trend-line resistance for the index is lying. During the week the index manages to hit a high of 4182 and close the week around the levels of 4130.

Support for the index lies in the zone of 3980 to 4020 from where the index has broken out of top formed in the month of October-2017 and November-2017. If the index manages to close below these levels then the index can drift to the levels of 3800 to 3850 where break out levels and short term moving averages are lying.

Resistance for the index lies in the zone of 4100 to 4150 where trend-line resistance for the index is lying. If the index manages to close above these levels then the index can move to the levels of 4250 to 4300.

Broad range for the index is seen between 3950 to 4000 on downside & 4250 to 4300 on upside.