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 slide: Share price of Hindustan Zinc, NALCO, Vedanta and Hindalco Industries were down 8% to 14% on the NSE in intra-day trade on Sunday, Budget day.
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.
Thus far in the month of January 2026, the stock price of Hindustan Copper has surged 53 per cent, as compared to a near 4 per cent decline in the BSE Sensex.
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.
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
Traditionally, Q4 is seasonally strong for volume push, and thus, analysts expect most steel companies to foresee very sharp reversal in margins in Q4FY26.
However, in the past one month, the Nifty Metal index has rallied 10 per cent, as against 0.17 per cent rise in the Nifty 50.
In the past one month, the stock price of Hindustan Zinc, Nalco, Vedanta, Hindalco Industries and SAIL have rallied between 15% and 32%.
Hindustan Copper share price rose 3.04 per cent to log an intraday high of ₹534.1 per share on the NSE during the intraday trade early on Thursday
Force Motors topped the chart, emerging as the biggest wealth creator of the year with a 191 per cent gain. The stock delivered the highest return among all Nifty500 constituents.
Devarsh Vakil, Head of Prime Research at HDFC Securities reckons that investors should wait for a 10-15 per cent price correction in Hindustan Copper and Hindustan Zinc.
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.
The counter rose 7 per cent to ₹436.50, the highest level since November 12, 2010, on the National Stock Exchange, according to data on Bloomberg
Metal stocks in demand: Analysts expect non-ferrous players to witness margin expansion in Q3 with LME prices continuing an uptrend compared to Q2.
Among other metal shares, GMDC soared 7 per cent, while NALCO gained 4 per cent and was seen trading near its life-time in trades on Friday.
In the Nifty Metal index, Hindustan Copper rallied as high as 6.37 per cent, while Hindustan Zinc and Tata Steel rose 4.9 per cent and 3.4 per cent, respectively
Hindustan Copper stock is seen trading close to its key monthly trend line resistance, hence one needs to be cautious as the stock rises further; suggests charts.
Spike in copper prices, extension of Rakha mining lease deed by another 20 years seems to be the key reasons behind the sharp rally in Hindustan Copper stock.
At 12:01 PM, Hindustan Copper share price was trading 5.31 per cent higher at ₹297.60. In comparison, BSE Sensex was trading 0.20 per cent lower at 82,461.66 levels.