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Informist, Friday, Nov. 21, 2025

 

MUMBAI – The Nifty Metal index, which ended in the red Friday, may fall further in the coming week owing to weak global cues, said Sugandha Sachdeva, founder of SS WealthStreet. Rise in the dollar index, depreciation of the rupee, the sell-off in stocks of technology companies in the US, and receeding hopes of an interest rate cut by the US Federal Reserve in its December meet are some of the global factors Sachdeva outlined for her view on the index. She is, however, positive on stocks of metal and mining companies in the medium term.

 

Next week, the Nifty Metal index is likely to find support around 10000 points while 10400 point-level may pose resistance, according to Sachdeva. Friday, the Nifty Metal index closed 2.3% lower at 10142.55 points, reversing the gains logged in the previous two sessions. Overall, the index fell 3.4% in the week, significantly more than the benchmark Nifty 50 which fell 0.6% in the week.

 

Metal and mining companies reported strong earnings for the September quarter, driven by healthy volumes. Companies dealing in non-ferrous metals reported earnings growth for the three-month period on the back of favourable prices and steady volumes. The aggregate net profit of the nine metal and mining companies that are part of the Nifty 200 rose 14% on year in the September quarter. Their aggregate net revenue in the quarter grew over 10% on year. Excluding one-time costs and incomes, the aggregate bottom line of these nine companies jumped over 41% on year in Jul-Sept.

 

Earlier this week, HSBC Global Investment Research in a report said Indian metals and mining equities trade at a large premium to global peers, adding that the share price premium is justified given the strong and sustainable demand at home, large iron ore, coal, bauxite, and zinc reserves in the country, and supportive regulatory policies to protect players in the sector from cheaper imports. "We prefer aluminium, given China's capacity cap and steady global demand. We also have a positive view on silver and expect prices to remain firm, given increasing investor demand," HSBC Global Investment Research said. 

 

Meanwhile, Kotak Securities Ltd. said if the government does not extend the safeguard duty on imports of specific flat steel products as recommended by the Directorate General of Trade Remedies, domestic prices could correct 2-3%. "We expect the market to remain sluggish in the near term in the absence of supply-side reforms or policy-support measures," the brokerage added.

 

TOP HEADLINES

 

* Fire breaks out at Hindalco's arm Novelis' New York aluminium plant    
* Godawari Power gets allotment of preference shrs in arm Godawari New Energy    
* BMI ups average aluminium price view for 2025 to $2,600/tn from $2,580/tn    
* Hind Copper's contractual employee dies in accident at Madhya Pradesh unit    
* Vedanta incorporates finance arm Vedanta Finance IFSC at GIFT City, Gujarat    
* IPO Alert: Steel Infra gets SEBI's approval for fresh issue, OFS    
* Tata Steel Netherlands arm buys LAG Velsen for electricity operations    
* Hind Zinc successful bidder for tungsten, associated mineral block in Andhra    
* Jai Balaji Industries Jul-Sep consol PAT slumps 83% YoY, sales fall 13%    
* Godawari Power to invest INR 3 bln in arm, INR 7.5 bln for solar power plant    
* Godawari Power Q2 consol PAT from continuing ops up 1.5% YoY at INR 1.61 bln    

 

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:

 

Company	Price	Week-on-week  change in %	Resistance	Support
HINDALCO INDUSTRIES LTD	777.70	(-)3.20	791.10	769.60
HINDUSTAN COPPER LTD	314.15	(-)6.30	332.60	302.90
HINDUSTAN ZINC LTD	458.30	(-)5.90	475.50	448.10
JINDAL STEEL LTD	1038.60	(-)3.50	1075.90	1016.90
JSW STEEL LTD	1140.30	(-)2.40	1180.60	1113.00
JINDAL STAINLESS LTD	752.50	2.00	775.50	737.50
NATIONAL ALUMINIUM CO LTD	250.68	(-)4.50	259.10	245.60
NMDC LTD	73.51	(-)4.00	74.60	72.70
STEEL AUTHORITY OF INDIA LTD	134.08	(-)5.60	141.20	129.20
TATA STEEL LTD	168.00	(-)3.60	173.40	165.00
VEDANTA LTD	496.40	(-)5.50	517.10	484.20
NIFTY METAL	10142.55	(-)3.40	10415.20	9985.20
NIFTY 50	26068.15	0.60	26226.90	25972.90
BSE SENSEX	85231.92	0.80	85764.60	84921.50

 

 

End

 

Reported by Shakshi Jain

Edited by Deepshikha Bhardwaj

 

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