EquityPandit’s Outlook for NIFTY METAL for the week  (July 17, 2017 – July 21, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 1.70%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 3164 and close the week around the levels of 3140.

Minor support for the index lies in the zone of 3080 to 3100. Support for the index lies in the zone of 3030 to 3050 from where the index broke out of May-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 2920 to 2950 from where the index has opened gap up.

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 3000 to 3030 on downside & 3230 to 3250 on upside.