Metal stocks are available at attractive valuations and one can buy shares like SAIL, Tata Steel and JSW Steel for the immediate short-term time horizon, say experts
Stocks to buy today: Amid Indian indices trading at record high, stock market experts have recommended investors to look at metal stocks to maximise their gains in this bull run at Dalal Street. They said that metal stocks are available at attractive valuations and one can buy shares like SAIL, Tata Steel and JSW Steel for the immediate short-term time horizon.
Speaking on the fundamentals supporting metal stocks Ravi Singhal, Chairman at GCL Securities said, "As unlock activities are taking place in India, demand for metals, especially steel is expected to rise. In overseas markets too, metal prices have gone up that is also supportive for the metal stocks as they are available at attractive valuations after the COVID-hit selloff." He said that in the last quarter, debt of the metal companies have gone down and hence once the unlock activity accelerates, metal stocks are expected to outperform other sectors.
Asked about the metal shares that one can buy Ravi Singhal of GCL Securities said, "One can buy Tata Steel, SAIL and JSW steel shares as they still have potential to rise further in upcoming trade sessions."
Unveiling trade strategy in regard to Tata Steel shares Sumeet Bagadia, Executive Director at Choice Broking said, "Investors can buy Tata Steel for immediate ₹1170 to ₹1180 target keeping stop loss at ₹1090."
On Steel Authority of India (SAIL) shares Sumeet Bagadia advised investors to buy at current market price for the target of ₹150 keeping stop loss at ₹118.
Asked about major levels involved in JSW Steel share price Sumeet Bagadia said, "One can buy JSW Steel shares at current market price for the immediate target of ₹740 to ₹750 maintaining stop loss at ₹685."