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Informist, Friday, Oct. 10, 2025

NEW DELHI – Despite a marginal fall in the Nifty Metal index this week, analysts have a positive short-term outlook for the index, which is "maintaining an uptrend continuation pattern and is comfortably trading above short-term averages," said Amol Athawale, vice president of technical research at Kotak Securities.

Athawale believes as long as the index is trading above the 20-day simple moving average, or the 10000-point level, the uptrend is likely to continue. On the higher side, the rally could extend to 10500 points, with further upside potentially pushing the index towards 10700 points. However, the uptrend could be held back if the index falls below the 20-day simple moving average.

On Friday, the Nifty Metal closed nearly 1% lower at 10261.55 points. Over the week, the index has fallen marginally, whereas the benchmark Nifty 50 has risen 1.6%.

In terms of the big picture, there have been several positive developments for the sector. The government has imposed a 12% safeguard duty on certain non-alloy and alloy steel flat products. On the other hand, China's anti-involution measures have reportedly started yielding results. According to data from the World Steel Association, China produced 77.4 million tonnes of crude steel in August, down 0.7% on year. Since January, China's steel production has contracted 2.8% year-over-year.

According to data from IDBI Capital, Indian steel prices fell 2% on month to INR 48,500 per tonne in September, while Chinese steel prices declined 6% on month to $470 per tonne.

As per a poll by Informist, nine metal and mining companies in the Nifty 200 are expected to report a net profit growth of 30% on year and a revenue uptick of 7% on year for the September quarter.

TOP HEADLINES

* SC junks PIL for probe into Viceroy Research claims against Vedanta, parent    
* Jindal Stainless launches corrosion-resistant salt tipper trailers    
* JSW Steel Jul-Sept consol crude steel production 7.9 mln tn, up 17% on year    
* Intl Copper Study Group cuts view on surplus in 2025; sees deficit in 2026    
* Tata Steel India's Q2 crude steel output grows 7% YoY to 5.7 mln tn    
* Union Bank of India releases pledge on 56.38% stake of Vedanta    
* SC refuses to quash PMLA case vs JSW Steel related to Obulapuram Mining scam    
* CCI approves acquisition of 49.99% shr in Thriveni Pellets by Lloyds Metals    
* Vedanta's metals production performance in Q2 mixed, aluminium growth slows    
* Jindal Stainless arm to set up fabrication unit with INR-1.25-bln investment    
* Hindustan Copper executes Kendadih mining lease deed with Jamshedpur    
* Jindal Steel appoints Sunil Agrawal as interim CFO    
* Tata Steel to move court against Odisha on state's ore supply demand notice    
* Vedanta Q2 aluminium output up 1% on yr to 617,000 tn, alumina output up 31%    
* Hindustan Zinc mined metal production up 1% on yr at 258,000 tn in Jul-Sept    

Following are the resistance and support levels for the stocks for next week as per calculations by Informist based on their prices on the National Stock Exchange:

End

Reported by Shakshi Jain

Edited by Tanima Banerjee

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