Nifty Metals Index

The metal index has seen a vertical advance, especially for steel stocks 7 days consecutive gains so do not rule out that we get a wave II pullback in the bigger scheme of things. The nifty metal index has resistance near the trendline of the last two highs near 4416. The larger trend will remain up but a dip would relieve the near-term overbought nature of some charts. A 50% retracement is near 4000 for the index.