Positive on metal stocks: Mitesh Thacker

Mitesh Thacker, Technical Analyst, miteshthacker.com, talks to ET Now on various stocks.

How do you trade the metal boys?

Clearly, on the positive side. Last week I had covered buy calls in SAIL and Hindalco. Hindalco has met the first target of 135-136 but since then tapering off but my sense is that looking at the weekly price chart, important bottoms have been made at 114-115. Now once we get a breakout above 136, this one is probably going up to minimum 145 and possibly 156.

It looks very likely over there. Similarly SAIL also is going into a good kind of positive zone, so this one can probably inch up another 10% to about 100-101, so broadly positive. Tata Steel somehow skipped out of my radar but SAIL and Hindalco looking extremely good on the charts.