EquityPandit’s Outlook for NIFTY METAL for the week (Oct 29, 2018 – Nov 02, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 2.40%.

As we have mentioned last week, that support for the index lies in the zone of 3330 to 3380 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3250 to 3280 where the index has taken support in the month of August-2018. During the week the index manages to hit a low of 3231 and close the week around the levels of 3284.

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.

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.

Broad range for the index is seen between 3100 to 3150 on downside & 3400 to 3450 on upside.