EquityPandit’s Outlook for NIFTY METAL for the week  (Dec 04, 2017 – Dec 08, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 3.90%.

As we have mentioned last week, that support for the index lies in the zone of 3700 to 3750 where trend-line joining earlier highs and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3550 to 3600 where Fibonacci levels are lying. During the week the index manages to hit a low of 3610 and close the week around the levels of 3618.

Support for the index lies in the zone of 3550 to 3600 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3350 to 3400 where the index has formed a bottom in the month of September-2017.

Resistance for the index lies in the zone of 3700 to 3750 where trend-line joining earlier highs and short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3900 to 3950 from where the index broke down after consolidation.

Broad range for the index is seen between 3350 to 3400 on downside & 3800 to 3850 on upside.