Metals are in the line of fire since their fall last week. As the markets once again began their slide, metal stocks are seen following suit. Metals are getting hammered even today.
Experts provide an outlook for metals as a commodity and stocks in that space for the next three months.
Investment advisor, P N Vijay: Selling in metals will stop soon; Hindalco, Sterlite look positive
I think the news flows from the metals have sort of subsided. Even the hedge funds started to cover in the last couple of days as we saw in the LME prices.
There is sort of forced selling happening in the Indian market since Friday afternoon, selling not induced by the people who wanted to sell but intermediaries like banks and brokers selling stocks of clients.
I think that has to end and it may end today or tomorrow. That would be the time to pick up metals like Hindalco or Sterlite.
Technical analyst, E Mathew: Tisco not looking as strong as Hindalco
Tisco is close to its strong support zone at Rs 480 level. One can stand back and take a clinical look of the whole thing without panicking. It is a normal correction; we should thank our stars that this correction is happening at this level. What would have happened if the Sensex had corrected from 15,000.
Similarly if one takes an example of the Tisco also, the rise was so fast and now it is making a retracement. In my opinion Rs 480 is a strong support and from short-term angle one could take a long position. But now Tisco's charts are not looking as strong as that of Hindalco Industries.
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