Metals pack is looking slightly weaker: BNP Paribas

Today’s pullback is actually being led by the metals pack Hindalco or even an Uttam Galva outside in a midcap space - how sustainable is it looking on the charts?

You have a mix bag here. I think Hindalco technically is an uptrend with support. I think it has to be determined whether the supports hold or whether it slips into a downtrend. National Aluminium can be considered to be in a downtrend but this pullback could take it to about 385-390.

SAIL is not looking very strong but could still see an upside till about 235 on a pullback and Tata Steel is again testing supports at the current moment. So, I think the pack is looking slightly weaker than the rest of the market.

But if the Nifty manages to hold on then I think this metal pack may also find its feet at some levels close by.

Hormuz Maloo, technical analyst, Geojit BNP Paribas Financial Services, in an interview with ET Now talks about the realty space.