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.