Mining stocks will make new highs: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Fund Manager, miteshthacker.com shares his views about metals and mining sector

What are your views on metals and mining sector?

We have seen a very strong price movement after a number of months of decline, so my sense is that these have gone through important phase. What might happen is that after stocks like STC and all, you have just discussed them have nearly gone up by 50-60%. They might go into some kind of sideways consolidation and some kind of corrective price action would happen and that would be the time to buy.

In fact I remember recommending a couple of stocks like Neyveli Lignite and Engineers India last week during the morning shows, so the entire group is going through a very strong action. The only thing is that if somebody has missed the bus of not buying them for the last couple of days, you need to wait for the prices to correct and then enter. The trend has firmly been on the upside and once some kind of technical selling or profit booking is over, these stocks will make new highs.