Metal Stocks Outlook
for the week – 29.08.2016 to 02.09.2016
Stocks of major metal and mining companies are seen
rebounding next week after the
consolidation in the last few successive trading days.
Overall, the Nifty Metal index is
seen positive, adding that its important support is seen at
2430 level. The index is seen
scaling up to 3200 points in the long run if it crosses the
2650 level. No weakness is
seen in the short run.
At a fundamental level, there has been no sharp movement in
stocks mainly due to lack
of sector as well as company specific news. Among stocks,
Tata Steel may
underperform among its peers as it has the maximum weightage
in the Nifty Metal
Index.