Tata Steel, JSL: Metals can soar up to 11% if index sustains above 6,041

Except Jindal Stainless, other metal stocks require to cross key barrier to rally forward

Nifty Metal index has surpassed the 200-day moving average (DMA) post February of this year and its stability could propel a rally to new 52-week high. 

With the exception of Jindal Stainless, the present trend in major stocks continues to remain sluggish and require to scale key barriers to march ahead. 

On Friday, shares of Vedanta were seen trading flat, while Tata Steel seen a cut of 1.50 per cent, Jindal Steel & Power and Jindal Stainless both tumbled close to 0.80 per cent.

Here’s the technical outlook for metal stocks:-

Nifty Metal

Likely target:  6,400

Upside potential: 4.50%

The metal index