Metal Stocks Outlook for the week – 03 to 07.07.2017
Metal Stocks Outlook for the week – 03 to 07.07.2017
( www.rupeedesk.in )
Stocks in the metal and mining space are likely to gain next week on the back of strength on
technical charts as a lot of these have given breakouts. Implementation of the goods and services
tax from Saturday is unlikely to have a significant impact on share prices, as most details about the
country's biggest tax reform since Independence have already been factored in share prices.
Stocks are likely to continue gains from this week, when they rose 1-8%, even as the benchmark
Nifty 50 and Sensex generated negative returns. The Nifty Metal index gained more than 3%,
snapping two consecutive weeks of losses. Stocks of Tata Steel, which surged close to 8% this week
and hit their highest level in nearly three years yesterday, are seen rising further.Fundamentally, the view for steel producers continues to remain upbeat, with demand outpacing supply, and anti-dumping duties expected to support prices over the medium-to-long term. For aluminium producers Hindalco and Vedanta, the closure of capacities in China continues to remain the next important trigger.
Source : Cogencis Information Services Ltd.
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Metal Stocks Outlook for the week – 03 to 07.07.2017
( www.rupeedesk.in )
Stocks in the metal and mining space are likely to gain next week on the back of strength on
technical charts as a lot of these have given breakouts. Implementation of the goods and services
tax from Saturday is unlikely to have a significant impact on share prices, as most details about the
country's biggest tax reform since Independence have already been factored in share prices.
Stocks are likely to continue gains from this week, when they rose 1-8%, even as the benchmark
Nifty 50 and Sensex generated negative returns. The Nifty Metal index gained more than 3%,
snapping two consecutive weeks of losses. Stocks of Tata Steel, which surged close to 8% this week
and hit their highest level in nearly three years yesterday, are seen rising further.Fundamentally, the view for steel producers continues to remain upbeat, with demand outpacing supply, and anti-dumping duties expected to support prices over the medium-to-long term. For aluminium producers Hindalco and Vedanta, the closure of capacities in China continues to remain the next important trigger.
Source : Cogencis Information Services Ltd.
