EquityPandit’s Outlook for NIFTY METAL for the week (Nov 05, 2018 – Nov 09, 2018) :  

NIFTY METAL:

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

As we have mentioned last week, that minor resistance for the index lies in the zone of 3320 to 3350. Resistance for the index lies in the zone of 3400 to 3450 where Fibonacci levels and medium term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3500 to 3550 where Fibonacci levels and long term moving averages are lying. During the week the index manages to hit a high of 3470 and close the week around the levels of 3439.

Minor support for the index lies in the zone of 3320 to 3350. Support for the index lies in the zone of 3150 to 3200 where long term Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3000 to 3050 where the index has taken support in the month of July-2018.

Resistance for the index lies in the zone of 3400 to 3450 where Fibonacci levels and medium term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3500 to 3550 where Fibonacci levels and short & long term moving averages are lying.

Broad range for the index is seen between 3200 to 3250 on downside & 3550 to 3600 on upside.