EquityPandit’s Outlook for NIFTY METAL for the week (June 18, 2018 – June 22, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 3.20%.

As we have mentioned last week, that support for the index lies in the zone of 3580 to 3610 where break out levels and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3420 to 3470 where the index has taken support in the month of March-2018 and May-2018. During the week the index manages to hit a low of 3523 and close the week around the levels of 3542.

Support for the index lies in the zone of 3420 to 3470 where the index has taken support in the month of March-2018 and May-2018. If the index manages to close below these levels then the index can drift to the levels of 3200 to 3250 from where the index has broken out in the month of March-2017.

Resistance for the index lies in the zone of 3600 to 3630 where Fibonacci levels are lying. If the index manages close above these levels then the index can move to the levels of 3730 to 3750 where Fibonacci levels and long term moving averages are lying.

Broad range for the index is seen between 3400 to 3430 on downside & 3700 to 3750 on upside.