Hindalco, Nalco, Tata Steel among top metal bets by HSBC; tech view here

Technical charts suggest that Tata Steel, Hindalco and National Aluminium can potentially rally up to 10%; here are the key levels to watch out for on these metal stocks.

The Nifty Metal index has outran the NSE benchmark Nifty 50 index in the calendar year 2025 with a gain of 17.5 per cent when compared with 10.4 per cent on the latter as of date.  Among individual stocks, Hindalco, Hindustan Copper and JSW Steel have rallied close to 30 per cent each; while Tata Steel, Steel Authority of India (SAIL) and National Aluminium Company (Nalco) have gained around 20 per cent.  Meanwhile, analysts at HSBC believe that the Indian metal sector is poised for further growth on the back of robust local demand, competitive advantages and a supportive regulatory environment.  Among stocks HSBC has a 'BUY' rating on Hindalco, Tata Steel and Nalco; while analysts at the foreign brokerage firm maintained a 'HOLD' rating on Hindustan Zinc and Coal India. READ MORE  Given this background, here's a technical check on these 5 metal stocks - Tata Steel, Hindalco, Nalco, Coal India and Hindustan Zinc - at current levels. 

Tata Steel

Current Price: ₹167  Upside Potential: 10.2%  Support: ₹167; ₹157  Resistance: ₹179  Tata Steel stock is seen testing the 100-Day Moving Average (100-DMA) support at ₹167 on the charts, a key moving average the stock has held since April 2025. Below which, the stock can slip to ₹157. Whereas, as long as the 100-DMA is protected on a closing basis, Tata Steel can attempt a pullback towards ₹179 - ₹184 levels, hints the daily chart. 

 

Hindalco

Current Price: ₹786  Upside Potential: 9.4%  Support: ₹784; ₹743  Resistance: ₹810; ₹830  Hindalco stock has been consolidating around the 50-DMA post the breakdown earlier this month. The 50-DMA stands at ₹784, below which the key weekly support exists at ₹743. On the upside, the stock can attempt a re-test of ₹860 in the near-term, with intermediate resistance likely at ₹810 and ₹830. 

 

National Aluminium (Nalco)

Current Price: ₹252  Upside Potential: 8.3%  Support: ₹245; ₹239  Resistance: ₹258; ₹268  The short-term trend for Nalco share is likely to be favourable above ₹239, with near support visible around the 20-DMA at ₹245. On the upside, the stock recently registered a new life-time high around ₹268. Chart suggests the stock can spurt to ₹273. The stock may face interim resistance around ₹258. 

 

Coal India

Current Price: ₹375  Downside Risk: 16%  Support: ₹370; ₹350  Resistance: ₹390; ₹400  Coal India stock is seen trading in a band of ₹370 - ₹390 for the last three months; with the lower-end of the existing range coinciding with the 100- and 200-DMAs. The long-term chart hints that the overall trend is likely to remain tepid below ₹400. On the downside, the stock can drop to ₹350; below which a slide towards ₹315 cannot be ruled out. 

 

Hindustan Zinc

Current Price: ₹457  Downside Risk: 16.7%  Support: ₹455; ₹445; ₹430  Resistance: ₹476; ₹491  Hindustan Zinc share has witnessed a negative breakout in recent trading sessions. At present, the stock is seen seeking support at the 100-DMA at ₹455; below which the 200-DMA at ₹445 is likely to act as the next support. The long-term chart warns that break and trade below ₹430 can trigger a fall towards ₹380. The short-term bias is likely to be negative below ₹491, with interim resistance at ₹476. 

 

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