EquityPandit’s Outlook for NIFTY METAL for the week (March 20, 2017 – March 24, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 3.10%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 3022 and close the week around the levels of 3127.

Minor support for the index lies in the zone of 3080 to 3100. Support for the index lies in the zone of 2990 to 3020 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.

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 3000 to 3030 on downside & 3220 to 3250 on upside.