Metal Stocks Outlook
To follow mkt trend; cos to post strong earnings in Q4
This story was originally published at 19:39 IST on 24 April 2026
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MUMBAI – Analysts expect metal company stocks to follow the movement in the broader market amid the blow to investor sentiment from higher crude oil prices. The blocking of the Strait of Hormuz, disrupting shipping through the crucial waterway, coupled with the uncertainty about when and how the US-Iran war will end, has caused crude oil prices to rise beyond $100 per barrel. Analysts fear that if the war lasts for two more months, the overall global demand scenario will be hit, resulting in a further correction in equity markets.
The March quarter earnings will be in focus with major metal companies set to declare their results. Jindal Steel will declare its results May 1. Investors will also focus on the demerger of Vedanta into four different companies effective May 1. The National Stock Exchange will hold a special pre-open session Thursday to adjust the company's share price for the demerger, since the capital markets are shut May 1 for Maharashtra Day. After the demerger, there will be four more entities--Vedanta Aluminium Metal Ltd., Talwandi Sabo Power Ltd., Malco Energy Ltd., and Vedanta Iron and Steel Ltd.
Friday, the Nifty Metal index ended at 12746.65 points, down 39.60 points. The index fell 1% on week after rising for three weeks. Analysts expect it to find support at 12570-12500 points and face resistance at 13000-13250 points.
Analysts expect both ferrous and non-ferrous metal companies to post better earnings for the March quarter because of the rise in metal prices alongside sustained demand for domestic steel. Domestic steel prices have risen 20% in the past four months, driven by extension of safeguard duties by the government, higher regional prices due to increased freight and energy costs, weakness in the rupee, and supply disruptions in a few pockets due to shortages of gas amid robust domestic demand, Kotak Securities said in a report Tuesday.
However, there could be a slowdown in demand in the months to come with the onset of the monsoon, Tushar Chaudhari, senior metal analyst at brokerage Prabhudas Lilladher, said. The slowdown could be worsened by continuation of the US-Iran war, because in that scenario the economy and government capital expenditure would take a hit. But there is also the expectation of a rise in incremental demand from the December quarter, he said.
Following the demerger, the Vedanta stock is expected to be in the range of INR 300-INR 325 per share. Friday, Vedanta closed at INR 720.95, down 2%. Two metal analysts expect the Street to choose the entity that houses the aluminium business over the others. Aluminium prices are likely to remain high in the coming months, which would benefit companies such as Vedanta, National Aluminium Co., and Hindalco Industries, according to analysts.
TOP HEADLINES
* Earnings Review: Hind Zinc Q4 numbers soar on silver price surge, beat view
* Earnings Outlook: Lower alumina prices, sales to hurt NALCO's Q4 performance
* Tata Motors to replace Vedanta in BSE 100, BSE 200, BSE 500 indices
* Godawari Power arm joins hands with Roche Energy for battery storage plant
* HC notice to Kamdhenu Ltd on Ashiana Ispat plea in steel bar trademark case
* Shyam Metalics arm set to start commercial output from Odisha aluminium unit
* Earnings Outlook: Silver surge seen driving Hindustan Zinc's Q4 numbers
* Upfront money can't be sole criteria to rate plan, Vedanta on Jaiprakash IBC
* Shyam Metalics expands production capacity at West Bengal plant
* JSW Steel arm fully redeems $750-mln senior unsecured notes on maturity
* Hind Copper sees mine expansion capex at INR 71.89 bln from 2026 to 2030
* JSW Steel in JV with South Korean POSCO to set up integrated steel plant
* Vedanta says scheme for demerger of co to be effective May 1
* Hind Copper says 1 dead in incident at Rajasthan plant; ops not disrupted
* ED attaches INR 1.5 bln investments of Shyam Metalics arm in PMLA case
* JSW Steel to sell 50% stake in arm to POSCO group for INR 5.09 bln
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 | 1,048.35 | 0.90 | 1,069.80 | 1,016.90 |
| Hindustan Copper | 541.50 | (-)4.90 | 562.10 | 527.10 |
| Hindustan Zinc | 588.50 | (-)0.60 | 612.30 | 560.90 |
| Jindal Steel | 1,256.00 | (-)1.10 | 1,291.30 | 1,219.70 |
| JSW Steel | 1,255.70 | 1.20 | 1,278.20 | 1,235.20 |
| Jindal Stainless | 766.30 | (-)2.80 | 792.70 | 750.30 |
| National Aluminium Co. | 437.05 | (-)0.40 | 446.80 | 423.30 |
| NMDC | 89.29 | (-)0.60 | 92.00 | 85.40 |
| Steel Authority of India | 178.46 | 3.00 | 180.90 | 174.80 |
| Tata Steel | 210.07 | (-)1.00 | 213.60 | 206.80 |
| Vedanta | 720.95 | (-)8.50 | 748.50 | 693.80 |
| Index | Level | |||
| Nifty Metal | 12746.65 | (-)1.00 | 12955.50 | 12514.00 |
| NIFTY 50 | 23897.95 | (-)1.90 | 24364.90 | 23580.20 |
| BSE Sensex | 76664.21 | (-)2.30 | 78233.30 | 75619.40 |
End
US$1 = INR 94.24
Reported by Gopika Balasubramanium
Edited by Rajeev Pai
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