Metal Stocks that look Ready to Shine

JC Parets
August 2, 2021

The Nifty Metals Index is now trading at new all-time highs. At a time like this, it becomes crucial to identify the constituents that are displaying strength.

Let's take a look at some of the names in the Metal Index that are at interesting levels.

After a pause of two months, the Metals Index has broken out above its prior resistance and looks good for a dash ahead! New all-time highs come at the back of participation from the index constituents.

So which names are we looking at in the weeks and months ahead?

First up, is Hindalco.

Hindalco featured in our Trade Ideas pretty often in the first quarter. After a brief pause, the stock looks ready to rally with the break out above the level of 407. The indicator has continuously displayed strength and has been hovering around the bullish regime.

With the move above 407, the stock is trading at an all-time high!

We are bullish above the level of 407, with a target near 606.

Click on the chart to zoom in.

Next up, we're looking at an idea that we shared in our weekly scan.

APL Apollo Tubes has been an absolute outperformer in the Metals space. Just look at that price go! A vertical rise since the lows of 200.

What we're looking at right now is the price move above the level of 1,530. Like all other names in this sector, APL too moved sideways for a while. But it looks ready to fly away at this point.

The indicator is comfortably placed in the bullish regime territory, adding strength to the move.

We are positive above the level of 1,530 with a target near 2,355.

Take a look at Jindal Stainless Ltd now. the price has moved out of a massive 12-year base! Read that again, 12-year base! With the close above 155, the price looks poised for its next leg of the rally.

155 has been a rather difficult level for the price to surpass. We'd like to see it sustain above these levels going forward in order to remain invested.

We are bullish above the risk management level of 155 with a target near 243.

Last on the list (for now) is JSL Hisar. Another base breakout can be seen here. The price moved out of a three-year base once it moved past 252. In addition to the breakout, we got the follow-through move in the week gone by!

With the indicator making itself comfortable in the bullish sentiment zone, the price may move towards its next target within a few weeks.

We are positive above the risk management level of 252, with a target near 390.

These are some of the names that we're tracking in this sector. Sustenance of this trend will lead to more participation from the index constituents. For now, the above names are grabbing our attention.

Thank you for reading. If you have any questions, please let us know.

Allstarcharts Team

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