Upturn in metal prices, favourable demand outlook and low relative valuations are see as key triggers
The market saw profit booking (cum-consolidation) today after seeing a bit of pre-election rally of nearly 1000 points in last five consecutive sessions to reach psychological 22000-mark on the Sensex.
Tata Steel shares rallied more than 4 percent while Jindal Steel, SAIL, Sterlite Industries and NMDC were up 1.5-2.5 percent after the Chinese August HSBC flash manufacturing PMI data increased to four-month high at 50.1 as against 47.7 in July.
Shardul Kulkarni of Angel Broking is of the view that, the overall trend for all metal counters is looking weak so one should wait to invest in case of metal stocks.
Reliance Industries may slip to Rs 750, Shardul Kulkarni, Angel Broking.
Even though the market started off on a positive note, Mithil Pradhan of Violet Arch Capital Advisors is not expecting to see a pullback rally.
Tata Steel can move to Rs 465, says Shruti Vora, Antique Stock Broking.