Published on 9/03/2017 11:30:48 AM | Source: GEPLCapital Ltd
Nifty Metal holds strong Bullish momentum - GEPL
NIFTY METAL Current Close: 3187.10 Trend : Positive
* NIFTY METAL is the most outperforming sectors amongst all the indices last week. It moved up by 2.14%, as against a down move of 0.47% in benchmark NIFTY 50.
* The Sector is in long term Bullish Trend with the formation of Higher Top Higher Bottom sequence in all time frames charts as Daily, Weekly as well as Monthly, as can be seen in the chart.
* Last week, the Sector has created a 52 week High at 3233.70 and also sustained at higher levels which indicates Fresh up move could be possible in coming future.
* We have seen that the medium term 13 (2974) & 34 (2724) exponential moving averages have remained positively aligned since last 10 months on weekly charts; which is an add on cause for current Bullish momentum to sustain.
* The Sector has also corrected in Feb 2017, indicating a healthy correction on intermediate scale.
* The support level is placed at 2980 – 2800 levels whereas the resistance zone is placed at 3400 - 3550.
Positive: TATASTEEL, HINDALCO, NMDC, HINDZINC, JINDALSTEL, NATIONALUM.
Negative: - MOIL, APLAPOLLO, ORISSAMINE.
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