 "Steel, iron, metal, manufacturing, core sector, industries, manufacturing")
The Budget 2022 has proposed to extend the customs duty exemption on steel scraps for one more year. Also, the Finance Minister has taken the initiative to invoke the anti-dumping duty on major steel segments on account of the higher prices. This provides relief to several steel producers and encourages them to provide feasible business environment.
NIFTY METAL
Likely target: 6,350 (after crossing 6,000)
Upside potential: 5.50%
The bigger picture for the the Nifty metal index indicates the likely formation of the “Head and Shoulders” pattern followed by conquering of the 6,000-mark, shall definitely negate the bearish formation. The up move above 6,000 could cross the right shoulder of the pattern, in turn dismantling to negative bias. On the lower end, the support of 5,150 remains as the tipping point, which it has been holding from past six months. Above 6,000 levels, the index could easily rise to a new historic high of 6,350. CLICK HERE FOR THE CHART
VEDANTA LTD (VEDL)
Likely target: Rs 390
Upside potential: 10%
The Vedanta shares have recorded a new 52-week high in the intraday session on February 4, 2022. The up move reflects a breakout above the hurdle of Rs 360 level. Now, the Moving Average Convergence Divergence (MACD) has climbed above the zero line, ready to scale higher values with an upward direction and a strong momentum. The immediate support for the stock is set at Rs 340 and the trend might jump in the direction of Rs 390 levels. CLICK HERE FOR THE CHART
National Aluminium Company Limited (NATIONALUM)
Likely target: Rs 130
Upside potential: 10%
In the past one year, the shares of National Aluminium Company Limited have spiked five times with aggressive “Higher High, Higher Low” formations. At present, the stock is headed to touch a new historic high crossing Rs 123.65 levels. The overall trend is up and unless the stock voilates the crucial support of Rs 115 consecutively, the trend is likely to head towards Rs 130 levels. CLICK HERE FOR THE CHART
NMDC Ltd (NMDC)
Likely target: Rs 180
Upside potential: 17%
The weekly chart signals a robust breakout above the obstacle of Rs 150. This conquest was achieved by witnessing continued accumulation in the range of Rs 125 to Rs 120 levels, as seen on the weekly chart. The trend is exhibiting a rally towards the next hurdle of Rs 180 level. The MACD is on the verge to cross the zero line, when it does the trend could see added momentum on the upside. CLICK HERE FOR THE CHART
Hindalco Industries Ltd (Hindalco)
Likely target: Rs 550 and Rs 580
Upside potential: 5% to 10%
The recent weakness has seen the stock holding the 200-day moving average (DMA), currently placed at Rs 438. Now, as the stock price crosses the major resistance range of Rs 525 to Rs 510, the 50-DMA and 100-DMA are getting ready to form a “Golden Cross”. If that happens, the positive sentiment might easily help the stock reach the Rs 550 and Rs 580 levels, claiming a new all-time high. CLICK HERE FOR THE CHART
