EquityPandit’s Outlook for NIFTY METAL for the week (Sep 17, 2018 – Sep 21, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 0.40%.

As we have mentioned last week, that minor support for the index lies around 3600 to 3620. Support for the index lies in the zone of 3500 to 3550 where Fibonacci levels and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3400 to 3450 where Fibonacci levels and short term moving averages are lying. During the week the index manages to hit a low of 3543 and close the week around the levels of 3714.

Minor support for the index lies around 3630 to 3670. Support for the index lies in the zone of 3500 to 3550 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3400 to 3450 where Fibonacci levels and short term moving averages are lying.

Resistance for the index lies in the zone of 3800 to 3850 where Fibonacci levels and gap for the index is lying. If the index manages close above these levels then the index can move to the levels of 3900 to 3950 where high for the month of April-2018 is lying.

Broad range for the index is seen between 3550 to 3600 on downside & 3800 to 3850 on upside.