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Informist, Friday, Sept. 4, 2026

MUMBAI – Positive momentum is building gradually in the Nifty Metal index despite the weakness seen this week, analysts said. The recent recovery in steel prices, particularly long products, following a sharp correction in June and July, is also expected to support ferrous companies in the medium term.

The Nifty Metal index ended at 13317.45 points Friday, up 141.40 points or 1.1% from Thursday. The index fell for three consecutive sessions at the start of the week as traders took profits following last week's jump, and failed to sustain above 13600-13700 points. The immediate resistance is around 13600 currently, followed by the major high at 13931, and support remains at 13000, and then at 12680, an analyst at a domestic brokerage said. The broader trend remains positive as the index continues to be above the 50-day moving average and the 200-day moving average, he said.

Most of the index constituents ended higher Friday, with APL Apollo Tubes, Tata Steel, Hindustan Zinc, and Jindal Steel ending 1.8-4.2% higher. Welspun Corp. and Lloyds Metals and Energy were the underperformers among the index constituents, ending 1.9% and 1.4% lower, respectively. Jindal Stainless and Steel Authority of India ended flat. "Triggers in global spot prices prompted institutional short-covering and dip-buying in large-cap steel and non-ferrous majors," the analyst said.

"RSI (relative strength index) is around 49, which is neutral and suggests that neither buyers nor sellers have a clear advantage currently. There is no strong divergence visible," the analyst said, adding as the index is still holding above the recent support zone, a breakout above 13600 could bring buyers back into control.

Domestic hot rolled coil steel prices rose INR 1,200 per tonne on week to INR 59,750 per tonne in the week ended Aug. 28, according to Nomura Financial Advisory and Securities (India) Pvt. Ltd. Steel rebar prices rebounded INR 1,050 per tonne on week to INR 54,750 per tonne, reflecting continued improvement after a prolonged three-month correction, the brokerage said.

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* India Aug crude steel output tad down on year, finished steel demand up 4%

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* MSP Steel to integrate group co MSP Sponge's iron, steel mfg ops with itself
* Godawari Power restarts operations at Chhattisgarh iron ore pellet 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:

End

US$1 = INR 94.48

Reported by Ashutosh Pati

Edited by Shubhayan Bhattacharya

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