Metals likely to remain strong despite short-term dips: Rohit Srivastava

Mumbai: Continuing the momentum from last week, the Indian stock market witnessed strong gains from the banking sector, while metals faced mild profit booking. Nifty sustained above the 25,900 mark, signaling resilience across key indices despite a quiet trading day.

Market expert Rohit Srivastava in an interview with ET Now said, “The next level for Bank Nifty is around 60,100, with support near 58,000–58,100. The banking sector has hit an all-time high ahead of Nifty, and I expect this trend to continue given strong inflows and lower valuations earlier this year.”

The financial space remains a key driver of market momentum. Rohit highlighted, “NBFCs like Shriram Finance and Bajaj Finance are leading, followed by PSU banks. Private banks need selective positioning, but NBFCs and PSUs are where the lead is coming from.”

Despite a minor correction today, metals continue to attract investors. Rohit noted, “Metals performed well even during market weakness, supported by a soft dollar and domestic demand. Aluminium prices are at multi-month highs. Steel is lagging, but we see buying opportunities on dips. Medium to long-term, metals remain attractive.”

Analysts say the market’s current strength is being driven by sector-specific rallies rather than broad-based gains. Banking, NBFCs, and metals are likely to remain in focus in the coming sessions.

Investors are advised to watch key levels for Bank Nifty and Nifty as the market tests support and resistance zones. While short-term profit booking may occur, fundamentals across financials and metals suggest that the current bullish trend is sustainable over the medium term. As markets navigate sectoral momentum, the combination of strong banking performance and selective opportunities in metals is expected to guide investor strategies in the coming weeks.