EquityPandit’s Outlook for NIFTY METAL for the week (Sep 10, 2018 – Sep 14, 2018) :  

NIFTY METAL:

Nifty METAL index closed the week on positive note gaining around 1.50%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 3538 and close the week around the levels of 3699.

Minor support for the index lies around 3600 to 3620. 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 3680 to 3730 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 3500 to 3550 on downside & 3800 to 3850 on upside.