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Stocks of metal companies are expected to witness profit booking next week, after outperforming benchmark indices over the last week, as most metal stocks rallied 6-17% in the last four weeks compared to a 3.7% rally in benchmark indices. Sesa Sterlite has risen 6.5% over the last 30 days, Jindal Steel and Power 7%, Tata Steel 15.30%, Hindalco Industries 15.4%, NMDC 17.7% and Steel Authority of India 22.7%. CNX Metal Index is expected to witness profit booking next week and trade with a resistance of 2630 and a support of 2550. Most metal counters have outperformed as we are betting on a revival in Indian economy after elections.
While metal stocks are expected to witness profit booking due to their unprecedented gains, the underlying sentiment in the metal space is still positive, driven by a revival expected in fundamentals of the economy. Sesa Sterlite is also expected to witness profit booking NMDC, too, is expected to witness profit booking next week.
Stocks of metal companies are expected to witness profit booking next week, after outperforming benchmark indices over the last week, as most metal stocks rallied 6-17% in the last four weeks compared to a 3.7% rally in benchmark indices. Sesa Sterlite has risen 6.5% over the last 30 days, Jindal Steel and Power 7%, Tata Steel 15.30%, Hindalco Industries 15.4%, NMDC 17.7% and Steel Authority of India 22.7%. CNX Metal Index is expected to witness profit booking next week and trade with a resistance of 2630 and a support of 2550. Most metal counters have outperformed as we are betting on a revival in Indian economy after elections.
While metal stocks are expected to witness profit booking due to their unprecedented gains, the underlying sentiment in the metal space is still positive, driven by a revival expected in fundamentals of the economy. Sesa Sterlite is also expected to witness profit booking NMDC, too, is expected to witness profit booking next week.
