Moneycontrol
Nov 29, 2016 04:35 PM IST | Source: CNBC-TV18

Buy metal stocks on decline, says Mitesh Thacker

According to Mitesh Thacker of miteshthacker.com, one may buy metal stocks on decline.

Mitesh Thacker of miteshthacker.com told CNBC-TV18, "Metals are outperforming and possibly they are still in an uptrend. What has happened is that to my understanding in the last few days they have gone up and now are giving pullbacks or some profit booking is happening which could see the prices go back to the short-term averages."

"I would still be a buyer on declines and Hindalco Industries around Rs 170-172 is a good support range. The other one which I think has gone through correction is JSW Steel. As long as the stock can sustain above Rs 1,675-1,680 and give some reversal would want to buy in that as well," he said.

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