EquityPandit’s Outlook for NIFTY METAL for the week  (June 19, 2017 – June 23, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 2.20%.

As we have mentioned last week that resistance for the index lies in the zone of 3030 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 3022 and close the week around the levels of 2931.

Minor support for the index lies in the zone of 2880 to 2900. Support for the index lies in the zone of 2830 to 2850 where short term bottom 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.

Minor resistance for the index lies in the zone of 2950 to 2970. Resistance for the index lies in the zone of 3030 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 2800 to 2830 on downside & 3000 to 3030 on upside.