Maharashtra clears 937 hectares for Gadchiroli steel expansion Steel stock surges 29% in just two days Steel output rises 14% to 9.25 MT Infrastructure boom fuels India’s steel consumption
Market expert Dharmesh Shah believes Indian equities are still in a cautious bottoming phase despite a rebound in trade. He said sentiment remains fragile, with only a limited number of stocks trading above key moving averages, showing that confidence has not fully returned. Shah expects Nifty support around 21,900–22,500, while 23,300 remains an important resistance level. He suggested that investors avoid aggressive short-term trading and instead build portfolios gradually during the correction.
On sectoral picks, Shah highlighted banking, autos, capital goods and metals as areas offering better risk-reward. In banking, he pointed to large private and PSU names. In autos, he favoured passenger vehicle makers and tyre companies. He also sees strength in capital goods and metal stocks, with steel counters standing out during the broader correction. His view signals that selective opportunities remain available even as overall market volatility continues.
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