EquityPandit’s Outlook for NIFTY METAL for the week (March 14, 2017 – March 17, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 4.80%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 3023 and close the week around the levels of 3035.

Support for the index lies in the zone of 2980 to 3000 where short term moving averages and bottom for the month of February-2017 is lying. If the index manages to close below these levels then the index can drift to the levels of 2890 to 2910 from where the index broke out from November-2016 and December-2016 highs.

Minor resistance for the index lies in the zone of 3090 to 3110. Resistance for the index lies in the zone of 3150 to 3180 from where the index broke down on intraday basis. If the index manages to close above these levels then the index can move to the levels of 3220 to 3250.

Broad range for the index is seen between 2900 to 2930 on downside & 3150 to 3180 on upside.