EquityPandit’s Outlook for NIFTY METAL for the week (Nov 26, 2018 – Nov 30, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on negative note losing around 4.20%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 3208 and close the week around the levels of 3215.

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.

Minor resistance for the index lies in the zone of 3300 to 3350. 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 3000 to 3050 on downside & 3400 to 3450 on upside.