EquityPandit’s Outlook for NIFTY METAL for the week  (May 15, 2017 – May 19, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 1.90%.

As we have mentioned last week that 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. During the week the index manages to hit a high of 2947 and close the week around the levels of 2912.

Minor support for the index lies in the zone of 2875 to 2900. 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 2980 to 3020 from where the index broke down after consolidation and short & medium 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 2800 to 2830 on downside & 3000 to 3030 on upside.