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Stock market today: After breakout in Nifty Bank Index on Monday, Nifty metal index has today given fresh breakout from the recent range. According to stock market experts, Nifty metal index has given fresh breakout at 5600 levels and it may soon go up to 6200 levels. They said that metal stocks like Tata Steel, JSPL, NMDC and Steel Authority of India or SAIL would lead the rally in Nifty metal index. They advised short-term investors to add these 4 metal stocks in their portfolio.
Speaking on fresh strategy in regard to stock market today; Ruchit Jain, Lead Research at 5paisa.com said, "The Banking space witnessed a complete gush on Monday as it surpassed its immediate hurdle. However, it was much on the expected lines given the index was short-heavy and the immediate resistances were crossed. Apart from banks, traders should also now focus on specific metal names, which have seen a decent price wise correction. The Nifty Metal index is interestingly poised and thus names from this sector could see a positive momentum in the near term."
Speaking on the reason for being bullish on Nifty metal stocks; Sumeet Bagadia, Executive Director at Choice Broking said, "Nifty metal index has given fresh breakout at 5600 levels on closing basis and it may go up to 6000 and 6200 levels in short term. So, positional investors are advised to look at metal stocks too as banking and metal stocks are expected to lead upcoming rally at Indian stock market."
Asked about the metal stocks to buy today, Sumeet Bagadia listed out the following 4 metal stocks:
1] JSPL: One can buy JSPL shares at current market price for immediate short term target of ₹400 maintaining stop loss at ₹375 per share levels, said Summet Bagadia.
2] Tata Steel: Buy this Nifty metal stock at current market price for immediate short term target of ₹1200 and ₹1250 maintaining stop loss at ₹1100, Choice Broking experts said.
3] NMDC: Initiate momentum buy in the counter at current market price for short term target of ₹145 to ₹150. However, one must maintain strict stop loss at ₹130 per share levels, advised Sumeet Bagadia.
4] Steel Authority of India or SAIL: One can buy SAIL shares at current levels and keep on adding till ₹106 apiece levels maintaining stop loss at ₹104. The Nifty metal stock can go up to ₹130 to ₹145 per share levels in medium to long term, said Sumeet Bagadia of Choice Broking.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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