Metal Stocks Outlook
Expensive valuations to trigger further correction
This story was originally published at 22:04 IST on 13 March 2026
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MUMBAI – Technical analysts expect investors to book profit in metal stocks due to expensive valuations. However, some fundamental analysts said the ongoing correction in the market can be seen as a buying opportunity as the sector is currently in the middle of its growth cycle. In the short-term, there are concerns that demand for industrial metals may be hit globally due to risks of economic slowdown from the war in West Asia. But analysts maintain their positive stance on domestic steel players.
"We maintain our stance that steel is India's story and global factors, especially China, should have a limited impact on the earnings potential of major steel players," Nomura said in a report. "Our bullish stance on the India steel sector is underpinned by improving domestic price momentum despite global headwinds," the broking firm said.
This week, Nifty Metal index fell nearly 6%, with Hindustan Copper, APL Apollo Tubes, JSW Steel, and Tata Steel being the worst hit among the constituents. The index fell this week due to profit booking by investors in line with decline in the broader market, said Vipin Kumaar, assistant vice president – technical and derivatives at Globe Capital Market. "Going ahead, we expect ongoing profit taking to continue up to 10600-10400 zone and on any bounce back, (the index) will face resistance around 11750-12000 points," Kumaar said.
TOP HEADLINES
* Gravita India to acquire 98.95% stake in Rashtriya Metal for INR 5.59 bln
* Tata Steel files writ petition in Jharkhand High Court against GST order
* Hindalco arm Novelis gets $225 mln loan for solid waste disposal unit in US
* IPO Alert: Rajputana Stainless gets subscribed 64% as on Day 3
* Jindal Steel preferred bidder for Odisha's Thakurani-A1 iron ore block
* Hindustan Zinc signs MoU with CMR Green for zinc alloy facility in Rajasthan
* NAVA to incorporate 2 investment holding subsidiaries in GIFT City
* JSW Steel Feb consol production 2.37 mln tn, down 2% on year
* Shyam Metalics stainless steel sales decline 3% YoY to 8,286 tn in Feb
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 LTD | 910.05 | (-)5.10 | 991.40 | 863.70 |
| HINDUSTAN COPPER LTD | 496.30 | (-)11.20 | 540.90 | 471.30 |
| HINDUSTAN ZINC LTD | 551.95 | (-)6.00 | 595.20 | 524.00 |
| JINDAL STEEL LTD | 1143.30 | (-)3.10 | 1253.60 | 1081.00 |
| JSW STEEL LTD | 1119.30 | (-)9.30 | 1188.40 | 1081.00 |
| JINDAL STAINLESS LTD | 707.45 | (-)6.00 | 762.00 | 672.80 |
| NATIONAL ALUMINIUM COMPANY LTD | 387.35 | (-)2.20 | 423.90 | 363.00 |
| NMDC LTD | 78.59 | (-)1.50 | 82.40 | 76.40 |
| STEEL AUTHORITY OF INDIA LTD | 149.89 | (-)3.30 | 159.50 | 139.50 |
| TATA STEEL LTD | 183.51 | (-)7.50 | 196.30 | 175.90 |
| VEDANTA LTD | 689.55 | (-)4.40 | 727.60 | 665.50 |
| NIFTY METAL | 11292.50 | (-)5.90 | 12020.60 | 10885.40 |
| NIFTY 50 | 23151.10 | (-)5.30 | 23632.20 | 22871.40 |
| BSE SENSEX | 74563.92 | (-)5.50 | 75986.50 | 73743.30 |
End
Reported by Gopika Balasubramanium
Edited by Ashish Shirke
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