Saturday, July 21, 2007

BSE Metal Index- Breakout

BSE Metal Index has broken out of its resistance of 11400 with volumes few days back. The follow up closes has confirmed our view given few days back. We see short term target of 13800 and long term of 16000. The stocks which coomprises this Index with Relative strength are

Jindal Stainl- 54
Welspun Gujarat -41
Guj NRE Coke -30
Sesa Goa -21
Sterlite Inds -17
Hindalco Inds -13
Jindal Steel- 11
Hind Zinc -8
Natl Aluminium -8
Steel Authority -7
Essar Steel -3
Ispat Inds -3

AMong all these we recommend tata steel, sesa, jindal stainless,sterlite                                                              

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