EquityPandit’s Outlook for NIFTY METAL for the week  (July 10, 2017 – July 14, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 3.20%.

As we have mentioned last week, that resistance for the index lies in the zone of 3020 to 3050 where medium term moving averages and the highs for the month of May-2017 are lying. If the index manages to close above these levels then the index can move to the levels of 3070 to 3100 from where the index has broken down in the month of April-2017. During the week the index manages to hit a high of 3109 and close the week around the levels of 3088.

Minor support for the index lies in the zone of 3020 to 3050. Support for the index lies in the zone of 2920 to 2950 from where the index has opened gap up. If the index manages to close below these levels then the index can drift to the levels of 2830 to 2850 where the index has taken multiple support and 200 Daily moving averages.

Resistance for the index lies in the zone of 3100 to 3150 from where the index has broken down in the month of March-2017 and April-2017. If the index manages to close above these levels then the index can move to the levels of 3200 to 3230 where the index has formed a top in the month of March-2017.

Broad range for the index is seen between 2800 to 2850 on downside & 3170 to 3200 on upside.