CNX Metal : Will Metals lose the shine?

The Index after losing its 200 DMA found support around 3400 levels and witnessed a sharp bounce. It almost kissed 3950 levels but could not sustain at higher levels and again lost its 200 DMA. The second breach of 200 DMA became a very tough resistance in a sense that the Index got rejected from around same area on multiple occasions but could not manage to give a close above the same. However 3400 zone was acting as a strong support for the Index since then which too has been broken during last session. Looking at the current set up the view remains bearish as long as the Index remains below 3400 levels. 

Within the metal space Jindal Steel & Power looks quite weak. The counter lost its 200 DMA during last session with expansion of volumes. It has now entered a strong support zone around 200 levels which once breached we may see further sell of up to 185-180 levels in a short term. Gradual shorts can be added with SL of Metal Index closing above 3400 levels.