EquityPandit’s Outlook for NIFTY METAL for the week (Nov 19, 2018 – Nov 23, 2018) :  

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 3450 to 3500 where Fibonacci levels and short term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3550 to 3600 where Fibonacci levels and short & long term moving averages are lying. During the week the index manages to hit a high of 3463 and close the week around the levels of 3355.

Minor support for the index lies in the zone of 3350 to 3380. Support for the index lies in the zone of 3150 to 3200 where long term Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3000 to 3050 where the index has taken support in the month of July-2018.

Resistance for the index lies in the zone of 3450 to 3500 where Fibonacci levels and medium term moving averages are lying. If the index manages close above these levels then the index can move to the levels of 3550 to 3600 where Fibonacci levels and short & long term moving averages are lying.

Broad range for the index is seen between 3200 to 3250 on downside & 3500 to 3550 on upside.