Tata Steel, Hindalco: Golden Cross breakout can trigger bull-run in metals

The Nifty Metal index seems to be eyeing a new historic peak at 6,900-level; Thus, select stocks from this space could rally up to 15 per cent on their respective breakouts.

The Nifty Metal index has rallied 18 per cent so far this calendar year, despite high amount of volatility during the first-half of the year. Thereafter, the index witnessed a sideways trend between August to early November, an approximate period of three months.

The metal index has now broken out of the sideways pattern on a bullish note. The index has witnessed a "Golden Cross” breakout, which implicates a likely bull-run ahead.
 

On Wednesday, Jindal Steel & Power surged close to 5 per cent. Hindustan Copper and Hindalco gained 3.50 per cent and 2.50 per cent, respectively. Similarly, Tata