Vedanta, Tata Steel: Steel stocks are showing strong upside. Stay invested

The Nifty Metal index is expected to enter the territory of 4,100 after surpassing the resistance of 3,950-mark decisively

The Nifty Metal index was outperforming at the bourses on Tuesday with steel stocks firing from all cylinders. At 11:20 am, the index was ruling over 3 per cent higher at 3,977 levels, as against a 1.8 per cent rise in the benchmark Nifty50 index. Among individual stocks, MOIL, SAIL, JSW Steel, Tata Steel, Jindal Steel, and NMDC surged in the range of 4 per cent to 9 per cent on the National Stock Exchange (NSE).  

In the past one month, the Nifty Metal index has gained around a per cent on the NSE, compared with a 0.1 per cent