EquityPandit’s Outlook for NIFTY METAL for the week (Oct 08, 2018 – Oct 12, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 1.10%.

As we have mentioned last week, that support for the index lies in the zone of 3400 to 3450 where Fibonacci levels and short & medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3300 to 3350 where the index has taken support in the month of August-2018. During the week the index manages to hit a low of 3396 and close the week around the levels of 3445.

Support for the index lies in the zone of 3400 to 3450 where Fibonacci levels and short & medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3300 to 3350 where the index has taken support in the month of August-2018.

Minor resistance for the index lies around 3520 to 3550. Resistance for the index lies in the zone of 3600 to 3630 where Fibonacci levels are lying. If the index manages close above these levels then the index can move to the levels of 3700 to 3750 where high for the month of September-2018 is lying.

Broad range for the index is seen between 3300 to 3350 on downside & 3650 to 3700 on upside.