"BUY JSWSTEEL FUT 2 LOTS ABOVE 633.50
TARGET 637/640.5 SL 627"
In this year metal
stocks has gained 37 % as compared to a 6 % rise in the year-ago period. It has
been responsible for supporting the nifty to a great extent. 9 out of 10 stocks
in the metal stocks have delivered 20-60% returns. These include nmdc,
Hindustan Zinc, Vedanta, Jindal Steel & Power and JSW Steel Ltd, data
collated from Ace Equity shows. Coal India was the only stock that fell over 4%
during the period.
In metal stocks Momentum is likely to continue in the metal space but after a
steep rally, there could be some consolidation. Investors can opt to go
long in the metal space on dips. “We have been bullish on the metal sector for
the last two weeks. The sector had a short-term correction in the month of
March that unfolded in a channelized manner. Traders and investors need
to have exposure in the metal stocks; however, they need to wait for a fresh
setup to take a fresh entry. Metal sector
has been
the dark horse and is also one of the leading sectors responsible for supporting
the Nifty to a great extent. However, the
risk-to-reward ratio is not favorable for entering fresh longs here. The bias
for metal sectors is still positive and one can look to enter longs on dips or
a minor correction for another three-five percent upside.
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