The Nifty Metal index surpassed its previous high of 6,079.55 on October 14, 2021.
The index was quoting lower for the third straight trading day, falling 7 per cent during the period
Metal markets were roiled in selloff on concerns over Chinese steel production, global growth risks and the prospect of reduced US stimulus
Technical analysts say the market remains in an uptrend as the index has managed to find support at its 50-day moving average
Global commodity selloff drags BSE Metal index 7% during the week, most since May 2020
The uptick in metal prices augurs well for domestic metal companies as it would have a positive rub-off on their financial performance, going forward
With the latest overhang on the outlook, and after a sharp run-up, can metal stocks surprise with more returns? Tune in to learn more
With today's decline, the S&P BSE Metal index has now corrected 10 per cent from its record high level of 20,429, touched on May 11, 2021
Individually, Hindalco rose 6.2 per cent, Nalco (6 per cent), Adani Enterprises (3.4 per cent), and Welspun Corp (3 per cent)
BSE Metal up just 164% since Jan '05 against 645% rally in Sensex
Market cap of top 10 firms has risen 33% since January
The Nifty Metal index is expected to enter the territory of 4,100 after surpassing the resistance of 3,950-mark decisively
The BSE metal & mining index is up 144 per cent since the end of March 2020
The Nifty Metal index is struggling to sustain above the 3,600 mark. However, once breached decisively, an up move towards 4,000 levels can not be ruled out.
An increase in coking coal prices would not augur well financially for steel companies' in India, ICICI Securities said in a note
At 02:15 pm, Nifty Metal index was the top gainer among sectoral indices, up 4% against 0.28% rise in the Nifty50 index
Sunflag Iron, Tata Steel Long Products, Jindal Stainless (Hisar) and Jindal Stainless among non-index stocks that surged more than 5 per cent on the BSE
In the past one week, Nifty Metal index has outpaced the market by surging 8 per cent, as against 0.28 per cent gain in the Nifty50 index
With a positive crossover of the 50-day moving average (DMA) with 100-DMA, the metal index can breakout above the trendline resistance of 2,150 levels.
Despite the fall in the Nifty Metal index on Friday, there still are some stock-specific opportunities which you can capitalise on. Here are a few trading ideas.