Charts indicate up to 15% fall in select metal stocks from current levels

The metal index on the NSE has tumbled 14 per cent so far from its historic peak and continues to drift lower

The Nifty Metal index registered a historic peak at 6,825 on April 11, 2022, and since then it has been on a downward spiral. The index has tumbled 14 per cent so far and continues to drift lower. 

Ahead of this correction, the index had gained a massive three-fold - from lows of 1,480-odd level during the Covid-19 induced fall. During that particular fall, the index had tanked almost 50 per cent.

Stocks like Tata Steel, which soared five-fold to Rs 1,534 and Vedanta, which zoomed eight-fold are now displaying signs of weakness. Tata Steel and Vedanta have dropped