The Indian market is stuck around a key resistance zone near 26,100, making many investors wonder what could happen next. At the same time, three metal‑related stocks are showing clear technical strength, offering possible buying opportunities for everyday traders.
Market Recap
On Friday the benchmark indices slipped a little. The Nifty 50 closed at 26,042, down 0.38%, while the Sensex fell 0.43% to end at 85,409. Banking stocks led the decline, pulling the Bank Nifty lower. On the upside, the metals index rose 0.59% and consumer durables added 0.34%.
Nifty Technical Outlook
After failing to stay above a downward‑sloping trendline that has acted as resistance since early December, the index was rejected near 26,117 and could not hold above 26,100. This suggests short‑term selling pressure.
- On the 15‑minute chart, the price may drift toward the Fibonacci support band between 25,982 and 25,931.
- Hourly moving averages (20‑hour at 26,139 and 40‑hour at 26,072) are above the current price, a bearish sign.
- Momentum indicators are weakening: RSI is around 40 and the MACD has turned negative.
- On the daily chart, the index still sits above its 20‑day and 40‑day averages, keeping a mild bullish bias, but a clear break above 26,200 is needed for confidence.
If the index can’t recover the 26,100‑26,200 zone, it may test support near 25,931. A break below that could push it toward 25,726, the prior low.
Metal Stocks with Strong Technical Signals
- National Aluminium Co. Ltd. (NALCO)
Why it looks attractive: The stock is firmly above short‑term support and rides a broader metals rally. RSI is 62 (still room before overbought) and the MACD shows a clear positive crossover. ADX at 52 signals a very strong uptrend.
Buy around ₹306.85, target ₹318, stop‑loss ₹301. - NMDC Ltd.
Why it looks attractive: After a consolidation phase, the stock is gathering momentum. RSI sits at 52 and the MACD has a mild bullish crossover. ADX of 28 indicates a strengthening trend.
Buy near ₹82.60, target ₹85, stop‑loss ₹81.20. - Vedanta Ltd. (VEDL)
Why it looks attractive: The stock remains in a broad uptrend and is holding above key support. RSI is 51, MACD shows a fresh bullish crossover, and ADX of 21 points to a forming trend.
Buy around ₹600.95, target ₹612, stop‑loss ₹595.
Disclaimer
These observations are meant for informational purposes and are not investment advice. Markets can move quickly, and past performance does not guarantee future results. Always do your own research or consult a certified financial professional before making any investment decisions.