EquityPandit’s Outlook for NIFTY METAL for the week (Jan 22, 2018 – Jan 25, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 3.80%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 3958 and close the week around the levels of 4033.

Support for the index lies in the zone of 3950 to 3980 from where the index has broken out of top formed in the month of October-2017 and November-2017. If the index manages to close below these levels then the index can drift to the levels of 3800 to 3850 where break out levels and short term moving averages are lying.

Resistance for the index lies in the zone of 4100 to 4120 from where the index broke down after consolidation. If the index manages close above these levels then the index can move to the levels of 4250 to 4300 where the index has formed a top.

Broad range for the index is seen between 3850 to 3900 on downside & 4150 to 4200 on upside.