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Informist, Friday, Jul. 31, 2026

MUMBAI – Shares of metal companies are expected to trade with a positive bias in the near term after the Nifty Metal index gained over 2.6% this week. Technical analysts say the weekly chart indicates a positive trend and the overall bias is positive as long as the index hold above 12370. Market participants will monitor the June quarter earnings of metal companies, with Hindalco Industries slated to release its results Friday.

The Nifty Metal Friday closed at 12719 points, up 17.20 points or 0.14%. Hindustan Copper, Lloyds Metals and Energy, and Tata Steel were the top perfomers, ending 1.5-2.3% higher. APL Apollo Tubes, Adani Enterprises, and Vedanta were the under-performers among the index constituents, ending 1.2-3.9% lower.

Traders may maintain a bullish stance and watch for a breakout above 12740 for further upside, Ashish Sherigar, senior technical and derivatives analyst at NVS Brokerage Pvt. Ltd., said in a note. "On the weekly chart, the index has taken support from its 20-week EMA (exponential moving average) at 12492, highlighting sustained buying interest at lower levels," Sherigar said. "Adding to the bullish setup, the 50% Fibonacci retracement level near 12370 has acted as a strong support zone, with the index successfully defending this level over the past five weeks. This confluence of technical supports strengthens the medium-term outlook," Sherigar added.

The immediate resistance is at 12740 for the Nifty Metal and a decisive breakout above this level could trigger fresh buying and pave the way towards 13050 and 13200. However, a breach below the key support at 12370 may weaken the trend and open the doors for a decline towards 12000 and 11800, he said.

Heavyweight Tata Steel released its June quarter results Thursday. The company's consolidated net profit grew nearly 12% on year, but declined almost 21% sequentially to INR 23.18 billion. The company incurred a net one-time cost of INR 3.45 billion for the quarter. Its revenue from operations grew over 14% on year, but declined nearly 4% sequentially to INR 607.94 billion.

Nuvama Institutional Equities expects Tata Steel's earnings before interest, tax, depreciation, and amortisation for its India operations to fall by INR 1,400 per tonne sequentially due to lower prices. "We expect a marginal recovery at European operations QoQ amid higher steel prices and restart of HRC plant at the Netherlands," it said.

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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 Ashutosh Pati

Edited by Akul Nishant Akhoury

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