EquityPandit’s Outlook for NIFTY METAL for the week  (May 22, 2017 – May 26, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 1.00%.

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 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. During the week the index manages to hit a high of 3042 and close the week around the levels of 2943.

Minor support for the index lies in the zone of 2875 to 2900. Support for the index lies in the zone of 2820 to 2840 where short term bottom 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 2750 to 2780 where Fibonacci levels are lying.

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 & 3030 to 3050 on upside.