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Informist, Friday, Oct. 31, 2025

MUMBAI – Stocks of metal companies are likely to see sideways movement in the coming week with a positive bias overall, said Sugandha Sachdeva, founder of SS WealthStreet. "I would not say that I'm expecting too much of a correction... but yes, some corrective rally and then consolidation kind of a scenario, sideways action is something that I foresee," she said.

The dollar index has risen nearly 1% this week. A stronger dollar makes dollar-denominated commodities like base metals expensive for those holding other currencies, thereby denting demand for such metals.

"...the short-term texture of the index is still positive. We believe that 10500 (points) and 10400 (points) would be key support zones for the (Nifty) Metal Index," said Amol Athawale, vice-president of technical research at Kotak Securities. He pegged 10800 points and 11000 points as the key resistance levels for the index next week.

Friday, the 15-constituent Nifty Metal ended 1.1% lower at 10612.15 points. The index fell 2.6% in the week, much more than the benchmark Nifty 50 which declined 0.3% in the week.

In the coming week, two of the Nifty Metal constituents will announce their Septermber quarter results. Adani Enterprises Ltd. will disclose its earnings on Tuesday, followed by Hindalco Ltd. on Friday.

Earlier in the week, Jindal Steel's management said it expects demand for steel products to improve in the coming months, driven by increasing public and private capital expenditure and the revival of the automobile sector. "We are expecting the demand to pick up from here on... from December onwards, because the monsoon itself was very long and the good part is that all the festivals were bunched together in the month of October. So now we have five months of clean demand period, which is a seasonally very strong thing yet," the management said.

Meanwhile, APL Apollo Tubes Ltd. expects the second half of the ongoing financial year to be better than the first half with the monsoon season over and some certainty on the global trade front.

"The market sentiment is very positive for the steel stocks but I don't see much fundamental change...margin squeeze will be there until and unless the steel prices recover," said Mohd Sheikh Sahil, equity research associate at IDBI Capital Market and Securities. 

TOP HEADLINES

* Earnings Review: Vedanta Q2 PAT plunges on one-time cost, misses Street view    
* SG Mart Jul-Sept consol sales fall 5% YoY but PAT jumps over 66%    
* Analyst Concall: SAIL sees demand rebound, aims 5-7% volume growth in FY27    
* Godawari Power Raipur plant resumes ops after shutdown due to mishap in Sep    
* Part of Vedanta promoter group creates more encumbrance on shrs; no pledge    
* Analyst Concall: APL Apollo sees better H2 than H1, aims to surpass guidance    
* Earnings Review: SAIL Q2 PAT slumps but beats Street view; revenue rises    
* SC pulls up Odisha for delay in recovering INR 27 bln penalty in mining case    
* Tata Steel infuses another $160 mln in Singapore-based arm T Steel Holdings    
* Shyam Metalics arm Ramsarup Ind to commission blast furnace, sinter plant    
* Analyst Concall: Jindal Steel sees INR 70 bln-INR 90 bln capex Oct-Mar    
* New bench of NCLT to hear Vedanta demerger plea afresh from Nov 12    
* Earnings Review: APL Apollo Q2 PAT surges to record high on strong volumes    
* NMDC Steel net loss narrows on year to INR 1.15 bln in Jul-Sept    
* Earnings Outlook: Hindalco Q2 PAT seen weak amid fall in Novelis' EBITDA    
* Earnings Review: Higher costs, muted prices dampen Jindal Steel Q2 PAT    
* Earnings Outlook: APL Apollo Q2 consol PAT seen up fivefold YoY on low base    
* Earnings Outlook:NALCO Q2 PAT seen steady on diverging alumina, metal prices    
* Earnings Outlook: Low steel prices, realisations to hit SAIL's Q2 PAT    
* Earnings Outlook: Jindal Steel Q2 PAT seen down on low volume, EBITDA fall    
* Hindalco arm Novelis to restart hot mill ops at New York plant by Dec-end    
* Hindalco Industries to buy Essel Mining's EMIL Mines by Nov 30    

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 Deepshikha Bhardwaj

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