BSE Metal - Sector Expected to Out perform (Sector with Positive Bias) - HDFC Securities

- The Metal sector has been moving in a sideways consolidation with a negative bias for the last one week without really damaging the underlying trend of the sector (as per daily timeframe chart).

- After the upside breakout of the hurdle of previous high, this sector has witnessed profit booking by shifting into sideways consolidation and has taken support of previous breakout area (brown horizontal line-as per change in polarity).

- We also observe a bullish 'Flag' type pattern at higher levels (green converging trend lines) in this sector, which is signifying a lack of selling participation at higher levels.

- Daily Momentum oscillator like RSI has dipped towards the key levels of 60 and is attempting to move up from there.

Source : Equity Bulls

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