EquityPandit’s Outlook for NIFTY METAL for the week (March 06, 2017 – March 10, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 2.00%.

As we have mentioned last week that resistance for the index lies in the zone of 3150 to 3170. Resistance for the index lies in the zone of 3330 to 3370 from where the index sold off in the month of August-2014. If the index manages to close above these levels then the index can move to the levels of 3500 to 3550 where the index has formed a top in the month of June-2014. During the week the index manages to hit a high of 3234 and close the week around the levels of 3187.

Minor support for the index lies in the zone of 3140 to 3160. Support for the index lies in the zone of 3080 to 3100 where the index has taken multiple support. If the index manages to close below these levels then the index can drift to the levels of 2950 to 3000 where short term moving averages and bottom for the month of February-2017 is lying.

Minor resistance for the index lies in the zone of 3240 to 3260. Resistance for the index lies in the zone of 3330 to 3370 from where the index sold off in the month of August-2014. If the index manages to close above these levels then the index can move to the levels of 3500 to 3550 where the index has formed a top in the month of June-2014.

Broad range for the index is seen between 3080 to 3100 on downside & 3280 to 3300 on upside.