EquityPandit’s Outlook for NIFTY METAL for the week (May 21, 2018 – May 25, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 3.30%.

As we have mentioned last week, that resistance for the index lies in the zone of 3750 to 3800 where Fibonacci levels and long term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3850 to 3900 where Fibonacci levels and medium term moving averages are lying. During the week the index manages to hit a high of 3779 and close the week around the levels of 3591.

Support for the index lies in the zone of 3575 to 3625 where break out levels and 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 the index has taken support in the month of March-2018.

Minor resistance for the index lies in the zone of 3640 to 3660. Resistance for the index lies in the zone of 3750 to 3800 where Fibonacci levels and long term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3850 to 3900 where Fibonacci levels and medium term moving averages are lying.

Broad range for the index is seen between 3450 to 3500 on downside & 3750 to 3800 on upside.