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Informist, Thursday, Apr. 30, 2026

MUMBAI – Analysts expect stocks of metal companies to consoildate in the near term as they are in overbought conditions, however, the stocks may track overall market trend as traders position to factor in higher crude oil prices. The persisting blockade of transit through the Strait of Hormuz and no certain resolution to West Asia war have kept the crude oil prices above $100 a barrel. Analysts said the earnings of metal companies who have declared results so far has been largely in line with expectation.  

Friday, the Nifty Metal index ended at 12833.05 points, down 278.30 points. The index had hit an all-time high of 13164.30 points on Tuesday. Analysts expect the index to consolidate in the near term due to higher valuations in certain pockets. The Nifty Metal is expected to face resistance at 13000 points and on the downside, the index is expected to find support at 12800 points, said Yadnesh Shendge, technical analyst and financial risk strategist at Nirmal Bang Institutional Equities.

Analysts expect metal companies to post decent earnings for the March quarter because of the rise in base metal prices alongside good demand for domestic steel. However, there could be a slowdown in demand for steel in upcoming months due to onset of the monsoon. There are also concerns that the higher coaking coal prices may increase costs for steel makers, putting pressure on their margins. Analysts said the depreciating rupee is likely to work in favour of metal companies, especially for base metal companies.  

TOP HEADLINES

* Usha Martin Jan-Mar consol PAT rises over 46% YoY to INR 1.48 billion
* Lloyds Metals to mull raising up to INR 25 bln via NCDs Tuesday
* LIC sold 2% shares in SAIL over 3 years, cut stake to 6.6%
*  Analyst Concall: Vedanta sees copper business margin rising to 5% in FY27
* Earnings Review: Vedanta PAT sharply up YoY on lower costs, misses view
* Shyam Metalics to invest INR 27 bln to expand presence in value-added pdts
* LIC sold 47.07 mln shares or 2% stake in JSW Steel since Sept 2022
* Orissa HC disposes Tata Steel's petitions to quash INR 43-bln demand orders
* Analyst Concall: Hind Zinc plans 1 mtpa capacity expansion in Rajasthan
* Jayaswal Neco Jan-Mar net profit rises 87.8% YoY to INR 1.91 billion
* Vedanta may trade at INR 300-INR 325 Thu adjusted for demerger: ICICI Direct
* Earnings Review: Hind Zinc Q4 numbers soar on silver price surge, beat view
* JSW Steel renames 50:50 JV with Japanese partner as JSW JFE Steel

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:

US$1 = INR 94.91

Reported by Gopika Balasubramanium

Edited by Akul Nishant Akhoury

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