Exit metal stocks on rally, says Mitesh Thacker, Technical Analyst, miteshthacker.com.
Thacker told CNBC-TV18, "Talking about metals, extremely short-term it is going along with the lines on the indices. I think we have seen a good fall in their prices and now the stocks are bouncing back. But if I particularly talk about Sesa Goa , Hindalco and Sterlite , I think somewhere what we have seen is that there could be a slightly bigger-term reversal or negative price movement. These stocks have nearly doubled or tripled in the last twelve months and they have had a very good price run."
He further added, "Now they are entering a corrective phase, the weekly indicators are broken down, so I think for anybody who is taking a short-term view of around one-two months, should be looking at upsides to exit these stocks."
