EquityPandit’s Outlook for NIFTY METAL for the week  (May 02, 2017 – May 05, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 2.40%.

As we have mentioned last week that minor resistance for the index lies in the zone of 2950 to 2970. Resistance for the index lies in the zone of 3020 to 3050 from where the index broke down after consolidation and short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3130 to 3150. During the week the index manages to hit a high of 3016 and close the week around the levels of 2974.

Minor support for the index lies in the zone of 2940 to 2950. Support for the index lies in the zone of 2880 to 2910 from where the index broke out from November-2016 and December-2016 highs. If the index manages to close below these levels then the index can drift to the levels of 2750 to 2800 where Fibonacci levels and 200 Daily moving averages are lying.

Resistance for the index lies in the zone of 3020 to 3050 from where the index broke down after consolidation and short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3130 to 3150.

Broad range for the index is seen between 2870 to 2900 on downside & 3100 to 3130 on upside.