Nifty Metal

According to the technical analyst, charts suggest range-bound pattern for Nifty FMCG, Nifty Metal, and Nifty Auto indices in the near-term

As per the technical analyst, the best trading strategy for traders would be to buy Nifty IT either at the current market price or at dips, with a target of 31,500

The best trading strategy Nifty Auto index would be to sell near resistance levels until we get close above new high

Amid weakening consumer confidence and flaring inflation, analysts say that the corporate earnings this quarter will be a mixed bag, with select pockets like banks being the frontrunners.

Fall comes on the back of the govt's decision to impose export duty on steel in a bid to cool off domestic prices

Russia is a major producer of industrial metals such as aluminium and nickel

Russia produces about 6 per cent of the world's aluminium and accounts for about 7 per cent of global nickel mine supplies

Nifty Metal shines; Hindustan Copper gains 6%; Godrej Properties, Monte Carlo Fashions slump 10% each; Vedant Fashions IPO subscribed only 11% on day 1

Nifty Metal index tumbled 6.6 per cent to 2,134, while Nifty Media index slipped 5.5 per cent to 1,518, and Nifty Auto was down 4 per cent to 6,662, as against a 3.9 per cent decline in the Nifty50

Tata Steel, Vedanta and SAIL have seen sharp fall in their stock prices in the recent months.

The Nifty Metal index is currently trading below the neckline of 3450 along with 100-day exponential moving average (EMA) at 3345.

JSPL, SAIL, Hindalco Industries, Vedanta, NMDC, JSW Steel, National Aluminum, Coal India and Tata Steel from the Nifty Metal index were down in the range of 3% to 6% on the NSE.

Tata Steel, Vedanta, JSW Steel, Jindal Steel & Power, SAIL, NMDC, NMDC and Jindal Stainless (Hisar) were down in the range of 2% to 4% on the NSE.

The Nifty Metal index that hit a 52-week low 3,116.8 in intra-day deals on Wednesday, recovered marginally to end 3.15 per cent lower at 3,121 levels

Vedanta, Jindal Steel & Power, Hindalco Industries, SAIL, NMDC and Hindustan Copper were down 2% to 4% on the NSE.