Drumil Vithalani, technical analyst at Bonanza decodes trading strategy in Nifty Metal, as the index slumps over 9 per cent in two trading sessions.
Metal stocks today: Hindustan Copper, NALCO, Vedanta, Hindustan Zinc, Hindalco Industries and NMDC were down in the range of 6 per cent to 11 per cent on the NSE in Friday's intra-day trade.
These projects form part of Hindalco's broader growth capital expenditure programme, with around ₹37,000 crore planned for Odisha across upstream and downstream aluminium operations
At 11:15 AM on Wednesday; the Nifty Metal index was up 2.5 per cent, as compared to 0.6 per cent rise in the Nifty 50.
Move part of firm's ₹37K cr investment pipeline in Odisha
Hindalco said it planned to invest ₹ 21,000 crore in a smelter expansion with a capacity of 360,000 tonnes per annum at its Aditya Aluminium complex in Sambalpur
In the near term, analysts expect aluminium prices to remain firm, aided by lower inventories and production disruptions in China.
At 10:21 AM on Wednesday, the Nifty Metal index was the top gainer among the sectoral indices up 2 per cent, as compared to 0.23 per cent decline in the Nifty 50
Nifty outlook: Nifty has to cross and hold above 25,800 for strength to rebuild towards 25,900, then 26,000 marks, while support can be seen at 25,600 then 25,500 zones
Traditionally, Q4 is seasonally strong for volume push, and thus, analysts expect most steel companies to foresee very sharp reversal in margins in Q4FY26.
In the past one month, the stock price of Hindustan Zinc, Nalco, Vedanta, Hindalco Industries and SAIL have rallied between 15% and 32%.
Geojit Investments has a positive outlook on the overall market driven, mainly, by expectations of easing geopolitical risks and moderating tariff differences in 2026
At 09:55 AM; Nifty Metal index, the top gainer among sectoral indices on Monday, was up 1.5 per cent, as compared to 0.08 per cent rise in the Nifty 50.
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Among others - Ashok Leyland, India Cements, Laurus Labs, Federal Bank, Shriram Finance, Hindalco, Vedanta and NALCO shares were also trading at life-time highs in Monday's trading session.
Metal stocks in demand: Analysts expect non-ferrous players to witness margin expansion in Q3 with LME prices continuing an uptrend compared to Q2.
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At the bourses, meanwhile, Nifty India Manufacturing index, which has outperformed the market by surging 26 per cent in the past nine months
If current spot prices for aluminium, zinc and silver hold through FY27, Emkay estimates Vedanta and Nalco to see Ebitda upgrades of about 5.5 per cent and 4.9 per cent
Technical charts suggest that Tata Steel, Hindalco and National Aluminium can potentially rally up to 10%; here are the key levels to watch out for on these metal stocks.