Metal Stocks Outlook for the week – 11 to 15.05.2015
Stocks
of major metal companies are seen following broader market cues in the upcoming
week due to lack of sectoral triggers. To an extent, metal stocks are also seen
in correction mode right now and a bit of a retracement are on the cards,
especially given the shine they took on the back of the jump in ore prices in
international markets. There might be a bit of a correction on the cards given
that the stocks over-performed last week on strong ore demand internationally.
One has to understand that the basics in the
sector
remain weak.
Jindal
Steel and Power Ltd stock is again likely to be cynosure of all eyes, given
that the
court
has summoned company's Chairman Naveen Jindal in the coal block allocation
case,
and the company has in turn said that it will resort to all possible options
legally to
defend
its case.
The
company will also report its earnings for the Jan-Mar quarter on May 15.
Barring
Jindal
Steel, which is expected to remain volatile, most metal stocks, will trade on
broader
market cues in the absence of sector or company specific news.
