EquityPandit’s Outlook for NIFTY METAL for the week (June 11, 2018 – June 15, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 2.50%.

As we have mentioned last week, that minor resistance for the index lies in the zone of 3630 to 3650. Resistance for the index lies in the zone of 3750 to 3800 where Fibonacci levels and long term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3850 to 3900 where Fibonacci levels and medium term moving averages are lying. During the week the index manages to hit a high of 3705 and close the week around the levels of 3659.

Support for the index lies in the zone of 3580 to 3610 where break out levels and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3420 to 3470 where the index has taken support in the month of March-2018 and May-2018.

Resistance for the index lies in the zone of 3730 to 3780 where Fibonacci levels and long term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3850 to 3900 where Fibonacci levels are lying.

Broad range for the index is seen between 3450 to 3500 on downside & 3800 to 3850 on upside.