metal stock This week started on a rusty note as 12 out of 15 stocks are trading in the red at the time of writing.
Leaders of Tata Steel, JSW Steel, SAIL and NMDC make their fresh start 52-week low Because the government had imposed export duty on some steel products.
Is the Metal Rally Over?
The metals sector was the best-performing sectoral index in 2021, gaining 70%. So far in 2022, the index is down 4% (YoY) and 16% in the month of May 2022.
The rally is not over yet as it is trading do or die near the 5,200 level.
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At the beginning of April 2022, I recorded a video on Nifty Metal Index and commodity prices, in which I indicated that the rally is not over yet.
The hike in export duty could have a short-term impact on steel stocks which are down over 10%.
A weekly close below 5,090 could only put the bulls in danger as we are seeing several downsides in the 5,170-5,300 range.
At present, the Nifty Metal Index is trading at 5,340 level with a decline of 6.3 percent. From the index, Jindal Steel, Tata Steel and JSW Steel are the biggest losers, falling over 10%.
Meanwhile, Ratnamani Metals and APL Apollo Tubes are defying the market trend and trading 1% higher.
I will give more details about their trend on my Telegram group. If you are interested in being a part of my charting journey as I share how to make money from profitable trade setups, Join My Telegram Channel – Fast Profit Daily,
Disclaimer: This article is for informational purposes only. This is not a stock recommendation and should not be treated as such.
(This article is syndicated from) equitymaster.com,