A volatile week saw the Sensex, Nifty and midcaps snap their 4-week gaining streak to end lower. Except FMCG and IT, all sectoral indices ended the week in the red.
Andrew Holland, CEO of Avendus Alternate Strategies, believes that the short-term investors should buy on dips in metal sector.
Holland said, "In the very short term, I would be looking to buy the dips in metal sector. Nothing has changed so dramatically yet in terms of what the Fed has said or done. They have just become little bit more hawkish about inflation."
"However, we are going to see lot of government expenditure globally and this will keep prices of metals higher for longer. So we might have these small corrections but I don't think the supply chain has eased so much that this problem is going to weigh. So I would be buying into the dips in metals for the time being."
Rohit Srivastava, founder & strategist at Indiacharts.com, believes that metal stocks are very close to bottom and could rally again on the up side.
He said, "Two weeks ago the metal sector completed a triangular kind of pattern and then rallied for a while. However they have sold off below that low on Friday but they are down to the lower band."
"So they are around 38 percent retracement of the entire rally from the March low. So I would think we are very close to the bottom or already bottomed out in a couple of stocks. Give it at least another day for further confirmation and that should then set us up for another rally on the up side for the metals."
Srivastava is also positive on power, healthcare sector and PSU stocks.
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