EquityPandit’s Outlook for NIFTY METAL for the week (May 14, 2018 – May 18, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 2.20%.

As we have mentioned last week, that resistance for the index lies in the zone of 3700 to 3750 where Fibonacci levels and long term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3800 to 3850 where Fibonacci levels and medium term moving averages are lying. During the week the index manages to hit a high of 3747 and close the week around the levels of 3713.

Support for the index lies in the zone of 3575 to 3625 where break out levels and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3400 to 3450 where the index has taken support in the month of March-2018.

Resistance for the index lies in the zone of 3750 to 3800 where Fibonacci levels and long term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3850 to 3900 where Fibonacci levels and medium term moving averages are lying.

Broad range for the index is seen between 3500 to 3550 on downside & 3850 to 3900 on upside.