Nifty Metal Index

Drumil Vithalani, technical analyst at Bonanza decodes trading strategy in Nifty Metal, as the index slumps over 9 per cent in two trading sessions.

Metal stocks slide: Share price of Hindustan Zinc, NALCO, Vedanta and Hindalco Industries were down 8% to 14% on the NSE in intra-day trade on Sunday, Budget day.

The stock fell to an intraday low of ₹702.40 per share before paring some losses. Around 11 AM, Vedanta was trading 6.93 per cent lower at ₹713, underperforming the broader market.

Metal stocks today: Hindustan Copper, NALCO, Vedanta, Hindustan Zinc, Hindalco Industries and NMDC were down in the range of 6 per cent to 11 per cent on the NSE in Friday's intra-day trade.

At 11:15 AM on Wednesday; the Nifty Metal index was up 2.5 per cent, as compared to 0.6 per cent rise in the Nifty 50.

At 10:21 AM on Wednesday, the Nifty Metal index was the top gainer among the sectoral indices up 2 per cent, as compared to 0.23 per cent decline in the Nifty 50

Traditionally, Q4 is seasonally strong for volume push, and thus, analysts expect most steel companies to foresee very sharp reversal in margins in Q4FY26.

However, in the past one month, the Nifty Metal index has rallied 10 per cent, as against 0.17 per cent rise in the Nifty 50.

In the past one month, the stock price of Hindustan Zinc, Nalco, Vedanta, Hindalco Industries and SAIL have rallied between 15% and 32%.

At 09:55 AM; Nifty Metal index, the top gainer among sectoral indices on Monday, was up 1.5 per cent, as compared to 0.08 per cent rise in the Nifty 50.

Metal stocks in demand: Analysts expect non-ferrous players to witness margin expansion in Q3 with LME prices continuing an uptrend compared to Q2.

HSBC on steel stocks: HSBC sees further upside in metal stocks as demand rises and imports stay restricted by policy support. Hindalco and Tata Steel get Buy ratings; Hindustan Zinc rated Hold

JSW Steel hit all-time highs and Tata Steel a 15-month peak as metals gained 20% in six months, driven by global price recovery, US rate-cut hopes and GST-driven demand

Spike in copper prices, extension of Rakha mining lease deed by another 20 years seems to be the key reasons behind the sharp rally in Hindustan Copper stock.

Steel stocks in demand: In past five trading days, the BSE Metal index outperformed the market by surging 6 per cent, as against 0.98 per cent rise in BSE Sensex.

Metal stocks were in demand on Wednesday amid buzz that the government may reallocate non-operational iron ore mines held by SAIL and OMC.

Nifty Metal Index has registered healthy running correction from the recent swing high. In international markets, we have seen bullish breakouts in Iron ore commodity.

At 12:37 PM; Nifty Metal index, the top gainer among sectoral indices, was up 2.6 per cent, as compared to 0.57 per cent rise in Nifty 50.

At 11:48 AM; Nifty Metal index, top gainer among sectoral indices, was up 1.4 per cent, as compared to 0.2 per cent decline in the Nifty 50.

The Nifty can potentially surge another 9% to hit levels of around 28,000-mark in the coming months; among sectors, auto and metal may see up to 20 per cent upside, suggest technical charts.