Nifty Metal index can hit historic high; Hindalco, NMDC may rally up to 17%

The Nifty Metal index can clock a new high, if it manages to cross and sustain above the 6,000-mark.

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