Tata Steel, Vedanta: Tech charts signal more upside in metal stocks

The Nifty Metal index scaled its fresh 52-week high of 3,586.90 in Tuesday's session, thus extending its rally that has seen the index rise 19.6 per cent over the last one year (till January 11, 2021). In comparison, the benchmark Nifty50 index has gained 17.47 per cent in the same period, ACE Equity data show.

Going forward, analysts at Phillip Capital expect metal companies to report further improvement in operating performance in Q3FY21 results as sharp imprvoement in realisation would outweigh marginally lower volumes.

"Strong demand from China and gradual improvement in the rest of the world propelled meaningful increase