EquityPandit’s Outlook for NIFTY METAL for the week  (April 17, 2017 – April 21, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 4.00%.

As we have mentioned last week that minor support for the index lies in the zone of 3060 to 3080. Support for the index lies in the zone of 2990 to 3020 where bottom for the month of February-2017 is lying. If the index manages to close below these levels then the index can drift to the levels of 2890 to 2910 from where the index broke out from November-2016 and December-2016 highs. During the week the index manages to hit a low of 2980 and close the week around the levels of 2986.

Support for the index lies in the zone of 2980 to 3000 where bottom for the month of February-2017 is lying. If the index manages to close below these levels then the index can drift to the levels of 2890 to 2910 from where the index broke out from November-2016 and December-2016 highs.

Minor resistance for the index lies in the zone of 3020 to 3040. Resistance for the index lies in the zone of 3080 to 3100 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 3150 to 3170.

Broad range for the index is seen between 2880 to 3000 on downside & 3080 to 3100 on upside.