EquityPandit’s Outlook for NIFTY METAL for the week  (May 08, 2017 – May 12, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 3.90%.

As we have mentioned last week that 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 3010 and close the week around the levels of 2857.

Support for the index lies in the zone of 2750 to 2800 where Fibonacci levels and 200 Daily moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 2680 to 2700.

Minor resistance for the index lies in the zone of 2900 to 2920. 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 2680 to 2700 on downside & 3000 to 3030 on upside.