EquityPandit’s Outlook for NIFTY METAL for the week  (Nov 13, 2017 – Nov 17, 2017) :

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 1.80%.

As we have mentioned last week, that minor support for the index lies in the zone of 3840 to 3870. Support for the index lies in the zone of 3680 to 3720 where trend-line joining earlier highs is lying. If the index manages to close below these levels then the index can drift to the levels of 3550 to 3600 where Fibonacci levels are lying. During the week the index manages to hit a low of 3802 and close the week around the levels of 3866.

Minor support for the index lies in the zone of 3800 to 3830. Support for the index lies in the zone of 3680 to 3720 where trend-line joining earlier highs and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3550 to 3600 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 3900 to 3950 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 4050 to 4100.

Broad range for the index is seen between 3700 to 3750 on downside & 4100 to 4150 on upside.