EquityPandit’s Outlook for NIFTY METAL for the week (July 16, 2018 – July 20, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 1.00%.

As we have mentioned last week, that resistance for the index lies in the zone of 3400 to 3450 from where the index has broken down from the double bottom pattern. If the index manages close above these levels then the index can move to the levels of 3550 to 3600 where Fibonacci levels are lying. During the week the index manages to hit a high of 3427 and close the week around the levels of 3287.

Support for the index lies in the zone of 3200 to 3250 from where the index has broken out in the month of March-2017. If the index manages to close below these levels then the index can drift to the levels of 3000 to 3050 from where the index broke out in the month of July-2017.

Resistance for the index lies in the zone of 3400 to 3450 from where the index has broken down from the double bottom pattern. If the index manages close above these levels then the index can move to the levels of 3550 to 3600 where Fibonacci levels are lying.

Broad range for the index is seen between 3150 to 3200 on downside & 3400 to 3450 on upside.