Metal Stocks Outlook
Nifty Metal may see minor dip; support pegged at 10500
This story was originally published at 20:20 IST on 26 December 2025
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NEW DELHI – After its rise this week, the sectoral Nifty Metal index has hit resistance around its recent high of 10836.05 points and may see a minor dip in the coming week, said Sugandha Sachdeva, founder of SS WealthStreet, an equity, commodity, and currency research firm. "I see a minor resistance here with already frenzy buying coming in.... The overall outlook still remains positive," she said. Sachdeva pegged 10500 points as the near-term support level for the index and said 10830-10840 points may pose short-term resistance.
Friday, the Nifty Metal index ended 0.6% higher at 10806.15 points, rising for the seventh session in a row. Over the four sessions of the Christmas week, the index rose 2.7%.
Weakness in the dollar index, expectations of interest rate cuts by the US Federal Reserve in 2026, structural supply contraints for copper amid rising demand, and expectations tied to increased capital expenditure allocation in the run-up to the Union Budget for the financial year 2026-27 (Apr-Mar) are some of the factors Sachdeva mentioned for her positive view on stocks of metal and mining companies. "Anticipation of potential import tariffs (on copper) under the Trump administration has triggered a rush of shipments to the US, resulting in supply constraints elsewhere," she said.
In the previous week, JM Financial Institutional Securities Ltd. had said in a report that companies dealing in ferrous metals are likely to have witnessed a contraction in earnings before interest, tax, depreciation, and amortisation to the tune of about INR 2,000 per tonne in the December quarter, driven by the twin impact of lower realisations and higher input costs. Meanwhile, the non-ferrous segment remains relatively better placed, with margins of companies expected to expand, the brokerage added. Jindal Steel & Power Ltd., Hindalco Industries Ltd., and Tata Steel Ltd. were its top picks in the sector.
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Following are the resistance and support levels for key metal stocks for next week, as per calculations based on their prices on the National Stock Exchange:
| Company | Price | Week-on-week change in % | Resistance | Support |
| Hindalco Industries | 872.90 | 2.50 | 883.30 | 855.80 |
| Hindustan Copper | 475.60 | 22.70 | 504.20 | 429.00 |
| Hindustan Zinc | 636.85 | 8.20 | 651.60 | 626.60 |
| Jindal Steel | 986.50 | (-)0.60 | 1,003.90 | 976.70 |
| JSW Steel | 1,094.40 | 1.40 | 1,109.70 | 1,074.30 |
| Jindal Stainless | 792.05 | (-)1.30 | 805.10 | 780.90 |
| National Aluminium Co. | 306.85 | 10.20 | 316.90 | 291.50 |
| NMDC | 82.61 | 8.30 | 84.30 | 80.50 |
| Steel Authority of India | 132.32 | 5.10 | 134.10 | 129.70 |
| Tata Steel | 169.12 | 0.30 | 171.00 | 166.90 |
| Vedanta | 600.95 | 3.30 | 612.90 | 591.00 |
| Nifty Metal | 10806.15 | 2.70 | 10888.90 | 10700.40 |
| Nifty 50 | 26042.30 | 0.30 | 26200.60 | 25929.40 |
| BSE Sensex | 85041.45 | 0.10 | 85560.00 | 84678.60 |
End
Reported by Shakshi Jain
Edited by Rajeev Pai
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