Hindalco, JSW, Tata Steel: Tech charts hint at mixed outlook for metal stks

The NSE Metal index has rallied 3% so far this week, while the Nifty has edged 0.2% higher. Technical charts suggest select frontline metal shares can rally another 14% from present levels.

Shares of metal companies have been in limelight this week amid hopes of stronger growth prospects. Following reports of muted steel production in China in the last two months, analysts expect demand for Indian steel to pick-up in the overseas market.

That apart, Brazil ministry in the last six months has launched multiple probes into the alleged dumping of industrial products, ranging from metal sheets and pre-painted steel among others, by China.

Further, foreign brokerage firm Macquarie has raised its expected target price for market leaders - Tata Steel and Hindalco to Rs 162 and Rs 597, respectively. Macquarie had