Metal Stocks Outlook for the week - 24 to 28.10.2016
(Seen consolidating; JSW Steel, Vedanta eyed)
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The shares of major metal and mining companies are seen
consolidating next week
following gains made over the last few trading sessions. The Nifty
Metal index can
move up to 2722 points, pegging support at 2605 points.
Market participants would be eyeing shares of JSW Steel as the
company will detail
Jul-Sep quarter's results on Thursday. JSW Steel is seen posting a
consolidated net
profit of 8.30 bln rupees in the quarter ended September compared
with a profit of
11.09 bln rupees in Apr-Jun. Consolidated net sales of the
steelmaker are seen at 126.45
bln rupees. Vedanta will post Jul-Sep earnings on Friday. The
company's bottomline is
seen at 9.63 bln rupees during the quarter under review compared
with a 6.15-bln-rupee
profit in Apr-Jun.
Vedanta's consolidated net sales are seen at 155.36 bln rupees in
Jul-Sep. Shares of
Hindalco are expected to fall a bit and may touch 146 rupees.
Shares of JSW Steel are
seen consolidating next week, he said. The stock is likely to
trade between 1,660 rupees
and 1,773 rupees. Shares of Vedanta may also consolidate next
week, the analyst said.
He pegged the stock's resistance at 208 rupees and support at 196
rupees.