EquityPandit’s Outlook for NIFTY METAL for the week (July 23, 2018 – July 27, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 5.90%.

As we have mentioned last week, that support for the index lies in the zone of 3200 to 3250 from where the index has broken out in the month of March-2017. If the index manages to close below these levels then the index can drift to the levels of 3000 to 3050 from where the index broke out in the month of July-2017. During the week the index manages to hit a low of 3062 and close the week around the levels of 3092.

Support for the index lies in the zone of 3000 to 3050 from where the index broke out in the month of July-2017. If the index manages to close below these levels then the index can drift to the levels of 2850 to 2900 where long term Fibonacci levels are lying.

Resistance for the index lies in the zone of 3150 to 3200 where Fibonacci levels are lying. If the index manages close above these levels then the index can move to the levels of 3400 to 3450 from where the index has broken down from the double bottom pattern.

Broad range for the index is seen between 2950 to 3000 on downside & 3200 to 3250 on upside.