Nifty Metal slumps 5% amid crash; time to sell? Here's what charts suggest

Shares of Steel Authority of India (SAIL) may decline another 10 per cent

The Nifty Metal index slumped about 5 per cent on the National Stock Exchange (NSE) on Monday as a meltdown in global equitiy market dented sentiment for export-linked stocks. All the 15 index constituents were in the red, led by Hindustan Copper and Welspun Corp (down 8 per cent each), APl Apollo (7.7 per cent), Jindal Steel and JSW Steel (down over 6 per cent each), and Tata Steel and Adani Enterprises (around 5 per cent each).

According to analysts at Edelweiss Securities, the concerted steel price hike globally (except US) suggests that producers are trying to pass on the elevated