Metal Stocks Outlook for the week – 19 to 23.06.2017
Metal Stocks Outlook for the week – 19 to 23.06.2017
Stocks of metal and mining companies are likely to move in a narrow range in line with the broader market, as the sector awaits fresh triggers. Profit booking weighed on shares of most metal and mining companies this week and pulled them in the red after they registered robust gains in previous weeks. The Nifty Metal index ended with over 2% losses, higher than the near 1% losses seen in Nifty 50 and Sensex during the week. Prices of base metals will be in focus next week, dictating the stock price movements of these companies. On technical charts, stocks of Tata Steel are seen positive, and have the potential to rise 6-7% in the near term. He recommends maintaining a 3% stop-loss for the trade. Yearly higher high-low after elongated time correction suggest turnaround in price structure.
Source : Cogencis Information Services Ltd.
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Metal Stocks Outlook for the week – 19 to 23.06.2017
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Stocks of metal and mining companies are likely to move in a narrow range in line with the broader market, as the sector awaits fresh triggers. Profit booking weighed on shares of most metal and mining companies this week and pulled them in the red after they registered robust gains in previous weeks. The Nifty Metal index ended with over 2% losses, higher than the near 1% losses seen in Nifty 50 and Sensex during the week. Prices of base metals will be in focus next week, dictating the stock price movements of these companies. On technical charts, stocks of Tata Steel are seen positive, and have the potential to rise 6-7% in the near term. He recommends maintaining a 3% stop-loss for the trade. Yearly higher high-low after elongated time correction suggest turnaround in price structure.
Source : Cogencis Information Services Ltd.
