EquityPandit’s Outlook for NIFTY METAL for the week (Jan 28, 2019 – Feb 1, 2019) :  

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 3.40%.

As we have mentioned last week, that support for the index lies in the zone of 2850 to 2900 where long term Fibonacci levels are lying. If the index manages to close below these levels then the index can witness a freefall and the index can drift to the levels of 2500 to 2550. During the week the index manages to hit a low of 2847 and close the week around the levels of 2858.

Support for the index lies in the zone of 2830 to 2860 where long term Fibonacci levels are lying. If the index manages to close below these levels then the index can witness a freefall and the index can drift to the levels of 2500 to 2550.

Minor resistance for the index lies around 2920 to 2950. Resistance for the index lies in the zone of 3030 to 3080 where Fibonacci levels and short term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3150 to 3200 where Fibonacci levels and medium term moving averages are lying.

Broad range for the index is seen between 2700 to 2750 on downside & 3000 to 3050 on upside.