EquityPandit’s Outlook for NIFTY METAL for the week (Sep 03, 2018 – Sep 07, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 4.60%.

As we have mentioned last week, that resistance for the index lies in the zone of 3500 to 3550 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 3650 to 3700 where Fibonacci levels and long term moving averages are lying. During the week the index manages to hit a high of 3687 and close the week around the levels of 3643.

Support for the index lies in the zone of 3500 to 3550 where Fibonacci levels and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3400 to 3450 where Fibonacci levels and short term moving averages are lying.

Resistance for the index lies in the zone of 3650 to 3700 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 3800 to 3850 where Fibonacci levels are lying.

Broad range for the index is seen between 3400 to 3450 on downside & 3800 to 3850 on upside.