How To Trade : Metal Stocks : Tata steel, SAIL,NALCO, Hindalco, JSW Steel, Jindal Steel, Hind Copper and Vedanta

Metal stocks have fallen drastically in recent weeks, recent US move to impose import duty on steel & aluminium to stop unfair trade practice  also fuelled the decline.Now after a good correction can we enter metal stocks for short or medium term? or at what levels we can add/accumulate in parts? Let's have a look at our chart studies on various metal stocks traded on NSE and BSE both : 

Hindalco : Stock getting support near 61.8% Fibonacci retracement level of its last move from 178 to 284. if trades below 219 stock can attract further selling & can target  200 level. for any big upmove stock need to sustain above 232. Stay short.

Hindustan Copper: Stock has retraced almost 100% from where its last move started. Use dips to enter. Best entry 56 or above 66. stoploss 50 target above 66 will be 80+ in short to medium term.

Jindal Steel : More fall likely. Stock has support near 100dMA  placed near 210. Buy on dips keeping stoploss at 200 where a major trendline provides support for long term trades. Below 200 stock can attract fresh selling to hit 150 in no time.

JSW Steel : Any dip towards 285-275 can be used for buying.Below 275 stock can test 260-50. Resistance 318-345

NALCO (National Aluminium): Entry can be done between 61-55 with stop below 53 for targets of 70-78.

Tata Steel : Stock has broken all major supports. and on breaching 600 stock can test 570-65 to 545. Trade long only above 635.

Vedanta : Stock is trading at a crucial trendline support, Fresh shorts only below 300 for targets of 277-50. Above 310 resistance placed at 317-28-37.

SAIL : Stock has broken 50wMA & also failed to sustain at 71.80 which was 61.8% Fibonaci Retracement level of its last rally from 53 to 101. Stock has multiple trendline  supports betwen 64-60 & this range can be a crucial investment range for those interested in this PSU. Stop can be placed at 56. However if if nifty shows turn around from current levels & stock gets support at cmp, add above 72 with sl 68.