EquityPandit’s Outlook for NIFTY METAL for the week  (July 03, 2017 – July 07, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 3.40%.

As we have mentioned last week that minor resistance for the index lies in the zone of 2920 to 2950. Resistance for the index lies in the zone of 3020 to 3050 where medium term moving averages and the highs for the month of May-2017 are lying. If the index manages to close above these levels then the index can move to the levels of 3070 to 3100 from where the index has broken down in the month of April-2017. During the week the index manages to hit a high of 3011 and close the week around the levels of 2991.

Minor support for the index lies in the zone of 2930 to 2950. Support for the index lies in the zone of 2830 to 2850 where the index has taken multiple support and 200 Daily moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 2750 to 2780 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 3020 to 3050 where medium term moving averages and the highs for the month of May-2017 are lying. If the index manages to close above these levels then the index can move to the levels of 3070 to 3100 from where the index has broken down in the month of April-2017.

Broad range for the index is seen between 2850 to 2900 on downside & 3070 to 3100 on upside.