EquityPandit’s Outlook for NIFTY METAL for the week  (May 29, 2017 – June 02, 2017) :

NIFTY METAL:

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

As we have mentioned last week that 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. During the week the index manages to hit a low of 2841 and close the week around the levels of 2997.

Minor support for the index lies in the zone of 2900 to 2930. 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 2990 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 3070 to 3100 from where the index has broken down in the month of April-2017.

Broad range for the index is seen between 2900 to 2930 on downside & 3100 to 3130 on upside.