EquityPandit’s Outlook for NIFTY METAL for the week (Jan 15, 2018 – Jan 19, 2018) :
Nifty METAL index closed the week on positive note gaining around 1.50%.
As we have mentioned last week, that resistance for the index lies in the zone of 4100 to 4150 where trend-line resistance for the index is lying. If the index manages to close above these levels then the index can move to the levels of 4250 to 4300. During the week the index manages to hit a high of 4210 and close the week around the levels of 4189.
Support for the index lies in the zone of 4100 to 4120 where break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3980 to 4020 from where the index has broken out of top formed in the month of October-2017 and November-2017.
The index is trading at all time highs and is in strong uptrend so virtually no resistance levels are visible. Resistance for the index lies in the zone of 4280 to 4320.
Broad range for the index is seen between 3980 to 4020 on downside & 4280 to 4320 on upside.