EquityPandit’s Outlook for NIFTY METAL for the week  (Oct 16, 2017 – Oct 19, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 2.00%.

As we have mentioned last week, that resistance for the index lies in the zone of 3680 to 3720 where trend-line joining earlier highs is lying. If the index manages to close above these levels then the index can move to the levels of 3770 to 3800. During the week the index manages to hit a high of 3808 and close the week around the levels of 3784.

Support for the index lies in the zone of 3680 to 3720 where trend-line joining earlier highs is lying. If the index manages to close below these levels then the index can drift to the levels of 3550 to 3600 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 3770 to 3800. If the index manages to close above these levels then the index can move to the levels of 3850 to 3870.

Broad range for the index is seen between 3650 to 3670 on downside & 3850 to 3870 on upside.