Major Indian metal companies Vedanta Ltd, Steel Authority of India Ltd (SAIL), and Hindustan Copper Ltd experienced significant rallies on Thursday, extending their upward momentum. All three stocks touched fresh one-year highs, fueled by sustained strength in the broader metal index and robust investor interest.
Vedanta climbed 3.99 percent to reach Rs 336, while SAIL gained 4.02 percent, hitting a high of Rs 209.70. Hindustan Copper also advanced sharply, rising 3.85 percent to Rs 618.
Given this ongoing rally, market analysts have provided their near-term targets and crucial support-resistance levels for these prominent metal stocks.
Vedanta: Bullish Breakout with Upside Potential
Virat Jagad, Senior Technical Research Analyst at Bonanza, highlighted that Vedanta has shown a strong bullish breakout from a rising channel structure on daily charts. This move is supported by robust price action and improving momentum indicators. The stock is trading well above its key short- and medium-term moving averages, indicating sustained buying interest.
- Support: Immediate support is placed near Rs 315–300, with the broader trend remaining positive above Rs 296.
- Targets: If momentum persists, the stock may continue its rally towards Rs 345–360 levels.
AR Ramachandran, a Sebi-registered research analyst at Tips2trades, noted that Vedanta is slightly bullish on daily charts with strong support at Rs 308. He suggested that a daily close above the resistance of Rs 341 could push the stock towards the Rs 374 level in the near term. Ravi Singh, Chief Research Officer at Mastertrust, also identified Rs 340 as an immediate resistance following the sharp upmove.
SAIL: Fresh Bullish Phase After Consolidation
According to Jagad from Bonanza, SAIL has delivered a strong breakout above its long-term consolidation zone near Rs 180, signaling the start of a fresh bullish phase on the daily chart. The stock is trading firmly above all major moving averages, reflecting strong trend strength and sustained buying momentum. A rounding bottom structure on the chart further supports a medium-term bullish outlook.
- Support: Immediate support is near Rs 182–175.
- Targets: Sustaining above this zone could drive the stock towards Rs 220–235 levels.
Ramachandran from Tips2trades commented that SAIL is bullish but currently overbought on daily charts, with the next resistance at Rs 210. He advised investors to consider booking profits, as a daily close below the support of Rs 201 could trigger a drop towards Rs 177 in the near term. Mastertrust's Singh believes the stock appears strong on charts and could hit an upside target of Rs 220 in the near term.
Hindustan Copper: Sustained Uptrend with Entry Points
Jagad from Bonanza observed that Hindustan Copper is exhibiting strong bullish price action after reclaiming the recent consolidation zone near Rs 590-595, accompanied by improving momentum. The stock is trading above all major Exponential Moving Averages (EMAs), indicating a sustained uptrend, while its Relative Strength Index (RSI) reflects strong buying strength without entering extreme overbought territory.
- Fresh Entry: Can be considered above Rs 610 with targets of Rs 640 and Rs 680, keeping a stop loss at Rs 585.
- Existing Holders: Can trail stop loss near Rs 590 to protect profits.
Ramachandran from Tips2trades stated that Hindustan Copper is slightly bullish on daily charts with strong support at Rs 595. He projected that a daily close above the resistance of Rs 613 could lead to an upside target of Rs 658 in the near term. Mastertrust's Singh also found the counter strong on charts, with the potential to hit Rs 650 level on the upside over the near term.