EquityPandit’s Outlook for NIFTY METAL for the week (Mar 26, 2018 – Mar 28, 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 3550 to 3600 where break out levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3350 to 3400 where the index has taken support in the month of September-2017. During the week the index manages to hit a low of 3410 and close the week around the levels of 3448.

Support for the index lies in the zone of 3350 to 3400 where the index has taken support in the month of September-2017. 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 broke out from March-2017 highs.

Resistance for the index lies in the zone of 3550 to 3600 where break out levels and long term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3700 to 3750 from where the index broke down from February-2018 lows.

Broad range for the index is seen between 3200 to 3250 on downside & 3650 to 3700 on upside.