EquityPandit’s Outlook for NIFTY METAL for the week  (Oct 23, 2017 – Oct 27, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 0.90%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 3885 and close the week around the levels of 3820.

Minor support for the index lies in the zone of 3750 to 3770. 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 3850 to 3870. If the index manages to close above these levels then the index can move to the levels of 3920 to 3950.

Broad range for the index is seen between 3650 to 3670 on downside & 3950 to 3970 on upside.