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Informist, Friday, Jan. 30, 2026

MUMBAI – Analysts expect investors to take cues from the Union Budget for 2026-27 (Apr-Mar) scheduled this Sunday to trade metal stocks in the coming sessions. Equity market will be open for trading on Sunday on account of Budget. Otherwise, the stocks would likely move in tandem with the prices of base and precious metals. December quarter earnings of steel major Tata Steel, which has the highest weightage on the index, at 17%, would also be in focus.     

"For steel companies, recent price hikes of around INR 5,000/tonne are yet to get fully priced into stocks and hence we expect a pick-up in profitability and a favorable equity performance," Amit Lahoti, metal and mining analyst at Emkay Institutional Equities, said. Asked about the near-term catalysts for metal stocks, he said, "once the ongoing metal price volatility settles down in coming days, the stocks could find support." Lahoti also added that the December quarter earnings of metal players have been "pretty good" so far, and it is expected to be even better in Jan-Mar, "with record levels of profitability."

As for FY27 Budget, Lahoti expects the focus to be on critical minerals. High allocation for track modernisation and metro connectivity is expected, which is a major tailwind for Steel Authority of India and Jindal Steel, Anand Rathi Share and Stock Brokers said in a report last week. 

On Friday, the Nifty Metal index ended lower by 650.50 points, or 5%, at 11827.55 points. Hindustan Copper and Jindal Stainless were the top gainers in the index this week. Hindustan Zinc and Lloyd Metals and Energy fell the most this week. The index is expected to face resistance at 12550 and 12970 points and find support at 11250 and 10950 points, in the coming sessions, said Ashish Sherigar, technical and derivatives analyst at NVS Brokerage.

Tata Steel is expected to report a four-fold on-year rise in its net profit at INR 24.32 billion. Its revenue from operations is seen rising 8% on year to INR 577 billion. The company's profitability will likely be hit by a fall in blended steel realisation and also rise in coking coal costs, Nuvama said. The sales volume is likely to increase 9% on quarter to 6.04 million tonnes. The stock closed 4.5% lower at INR 193.13 on the National Stock Exchange on Friday. 

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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:

End

Reported by Gopika Balasubramanium

Edited by Tanima Banerjee

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