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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.

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Nifty Metal index likely to hit a new high.

Avdhut Bagkar Mumbai
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

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First Published: Nov 30 2022 | 12:16 PM IST

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