On account of rising steel and iron ore prices in the international market, stock experts are bullish on metal stocks, especially those dealing in these particular metals. Advising stock investors to maintain their stock specific trade until fresh number of Covid 19 cases in India subsides and the situation gets under control, they said that Tata Steel, JSW Steel, Steel Authority of India (SAIL) and NMDC could be among the potential shares to buy on Monday.
Speaking on the reason for rise in metal stock prices Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Steel and iron ore prices in the international markets have gone higher and due to this metal stocks are expected to do well in immediate short-term to medium term. The rising trend is expected to exist for at least six months and hence one can buy metal stocks for short-term to medium term time-horizon.”
Asked about the major metal shares that one can buy on Monday Avinash Gorakshkar of Profitmart Securities said, “One can look at Tata steel, JSWL Steel, SAIL and NMDC as first companies directly deal in steel while NMDC deals in iron ore that works as a building block for steel.”
Unveiling investment strategy in above mentioned metal stocks Mudit Goel, Senior Research Analyst at SMC said, “On can buy NMDC shares at current market price for the targets ₹200 and ₹220 maintaining stop loss at ₹173. For JSW Steel share price, target will be ₹790 and the stop loss will be ₹718.”
On his suggestion to investors in regard to SAIL shares Mudit Goel of SMC advised investors to buy at current market price for the target of ₹153 and 164 maintaining stop loss at ₹ ₹129. For Tata Steel shares, Goel advised investors to buy SAIL stocks at current price for the target of ₹1200 maintaining stop loss at ₹1130.
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