EquityPandit’s Outlook for NIFTY METAL for the week (July 30, 2018 – Aug 03, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 6.70%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 3069 and close the week around the levels of 3298.

Minor support for the index lies around 3150 to 3200. 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 3400 to 3450 from where the index has broken down from the double bottom pattern and short term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3550 to 3600 where Fibonacci levels and medium term moving averages are lying.

Broad range for the index is seen between 3100 to 3150 on downside & 3550 to 3600 on upside.