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Informist, Friday, Jul. 10, 2026

 

MUMBAI – Shares of metal companies are expected to be in a range in the near term, according to technical analysts. Market participants will monitor the June quarter earnings of these companies, with JSW Steel Ltd. slated to release its results on Jul. 17.

 

"The short-term trend remains neutral. The index is trading below the falling trendline from recent highs and has struggled to sustain above the 12760-12800 zone, indicating selling pressure," Ashish Sherigar, senior technical and derivatives analyst at NVS Brokerage Pvt. Ltd., said in a note. "However, the RSI (relative strength index) has recovered from oversold levels and is currently near 48, suggesting improving momentum," Sherigar said.

 

The Nifty Metal Friday closed at 12688.90 points, up 185.60 points or 1.5%. All the constituents of the index closed with gains on Friday, with Lloyds Metals and Energy Ltd., Jindal Steel Ltd., Hindustan Copper Ltd., APL Apollo Tubes Ltd., and Adani Enterprises Ltd. ending 2-3% higher. Sherigar said that immediate support for the metal index is at 12390-12420, with major support at 12020. Immediate resistance for the index is at 13200 and major resistance at 13600. The analyst added that a decisive breakout above 12760 could push the index towards 13220 and 14000, while a breakdown below 12390 might drag it towards 12020 and 11780.

 

Vipin Kumaar, senior technical and derivatives analyst at Globe Capital Market, said sustained trading above 12850 could take the index towards 13200-13400 in the near term.

 

Metal and mining companies in the Nifty 200 are expected to post 38% on-year growth in net profit for the June quarter. The revenue of these companies is expected to grow 12% on year, according to an Informist poll. Sequentially, these metal and mining companies are expected to post 15% growth in their bottom line, but their top line is seen declining 3%.

 

Both ferrous and non-ferrous companies are expected to post strong performance for the June quarter mainly due to higher prices. While aluminium prices were considerably higher during the quarter, steel product prices had a diverging trend. Hot rolled coil prices rose in the June quarter while long products fell in the second half of the quarter. "We expect firm metal prices in Q1FY27 to support sequential margin improvement across most metal companies despite persistent cost pressures," brokerage Elara Securities (India) Pvt. Ltd. said in a report.

 

The earnings before interest, tax, depreciation, and amortisation per tonne of JSW Steel and Jindal Steel are expected to improve by INR 1,000 per tonne in the June quarter, an analyst at a domestic brokerage said. Tata Steel's EBITDA per tonne should rise by INR 2,500-INR 3,000 per tonne, the analyst said. "Results would be better both quarter-on-quarter and YoY (year-on-year)," he added.

 

Aluminium prices rose around 12% on quarter in Apr-Jun and this will show in the bottom line of these companies. The analyst does not expect "fresh-buying" in the Nifty Metal index in the near term due to a fall in prices of long steel products.

 

TOP HEADLINES

 

* JSW Steel Apr-Jun India crude steel output rises 3% on year, 0.3% on quarter
* SAIL flags 10-14% logistics drag on costs, bats for multimodal push
* Tata Steel India Apr-Jun production, delivery volumes rise 11% on year
* NALCO, NLC India to set up 1-GW thermal captive power unit in Odisha via JV
* Encumbrance on 50.1% equity in Hindustan Zinc released as debentures redeemed
* Jain Resource arm commissions 2nd furnace at Tamil Nadu copper anode plant
* Tata Steel Netherlands says criminal charges "unnecessary," case adds nothing
* CARE ups JSW Steel's long-term bank facilities rtg to 'AA+', outlook stable
* Govt must mull AI use to hasten single-window invest clearance - L&T's Parab
* Jain Resource's board approves entry into telecom business
* Dutch body summons Tata Steel IJmuiden on suspicion of criminal offences
* Recycling steel scrap to cut carbon footprint way forward for India: SAIL CMD
* India June crude steel output up 4% on year to 14.1 mln tonnes
* Shyam Metalics Jun consol stainless steel sales up 40.21% YoY at 7,942 tn
* Fitch ups JSW Steel's long-term rtg to 'BB+' from 'BB', outlook positive
* Godawari Power invests another INR 1.50 bln in arm Godawari New Energy
* Steel min to meet industry players Thursday to discuss imports
* At Tata Steel AGM, shareholders express lack of confidence in Europe ops
* Vedanta Apr-Jun metal output rises 1% YoY to 268,000 tn
* JSW Steel arm to invest INR 163.50 bln to set up 2 mln tn/year steel plant

 

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	967.45	1.50	993.50	951.70
HINDUSTAN COPPER LTD	498.65	(-)0.10	519.20	483.80
HINDUSTAN ZINC LTD	536.95	0.10	547.80	529.70
JINDAL STEEL LTD	1051.30	(-)0.30	1076.20	1026.00
JSW STEEL LTD	1245.40	1.20	1272.30	1218.90
JINDAL STAINLESS LTD	716.40	2.60	731.30	704.60
NATIONAL ALUMINIUM COMPANY LTD	354.85	2.10	367.40	347.90
NMDC LTD	84.92	(-)0.60	86.60	83.80
STEEL AUTHORITY OF INDIA LTD	167.95	(-)1.10	174.20	164.00
TATA STEEL LTD	191.19	0.70	195.60	186.50
VEDANTA LTD	272.55	(-)2.80	278.40	269.30
Index	Levels
NIFTY METAL	12688.90	0.70	12919.00	12494.90
NIFTY 50	24206.90	(-)0.30	24293.30	24077.10
BSE SENSEX	77569.39	(-)0.30	77832.40	77189.10

 

End

 

Reported by Ashutosh Pati

Edited by Avishek Dutta

 

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