Metal Stocks Outlook for the week – 11 to 15.09.2017

Metal Stocks Outlook for the week – 11 to 15.09.2017

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Metal Stocks Outlook for the week – 11 to 15.09.2017 )

 Nifty Metal to sustain lifetime high next week The positive momentum in shares of metal and mining companies is likely to remain intact next week as continue to have an upbeat view on the space. Stocks of metal and mining companies gained 1-5% this week, supported by sustained strength in base metal prices and as raised target prices for companies, particularly those in the large-cap space. Data showed that most of these companies have also taken price hikes or have one on the radar, which will support the bullish momentum. The Nifty Metal index, which ended with gains for the fourth consecutive week, is likely to continue its rally. The index, which hit a lifetime high of 3702.80 points earlier yesterday, is likely to rise up to 4000 points over a six-month period. Stocks of Vedanta, which are at a near seven-year high, will also, continue to gain. The stock yesterday rose for the eighth consecutive session to end at 330.10 rupees. Apart from robust aluminium prices, which have been boosting the share prices of Vedanta and Hindalco Industries, a surge in alumina prices also helped some metal producers. National Aluminium Co jumped over 8%, while Ess Dee Aluminium surged more than 43% this week aided by the sharp rise in alumina prices. The outlook for most of these companies remains robust on fundamental parameters as well.

Source : Cogencis Information Services Ltd.