Metals with good amount of long positions built up to see strong upmove in April series

The April series seems to have opened with a huge bout of positivity. With Nifty closer to its previous highs and Bank Nifty venturing out into an unchartered territory, the bulls have all the reasons to be optimistic about the current market scenario.

One sector that is poised to take full advantage of this positivity is metals. The sector which has long been preparing itself for this move seems to be fully prepared to go full-out and perform itself in the April series. The fact that it closed with a big white candle pattern on the first day of April series, with a good amount of long positions built up, is indicative of a strong move to be anticipated in this sector.

In the monthly chart of Nifty Metals shown below, notice the hammer candle pattern marked in the blue arrow which falls at 50 percent Fibonacci retracement level.

Source:https://www.moneycontrol.com/news/business/markets/metals-with-good-amount-of-long-positions-built-up-to-see-strong-upmove-in-april-series-3731271.html

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