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

Mumbai: Building on last week’s momentum, the Indian stock market witnessed strong gains from the banking sector, while metals posted mild gains. Nifty remained above 25,900 points, indicating resilience in major indices despite a quiet trading day. Market expert Rohit Srivastava said in an interview with ET Now: “The next level for Bank Nifty is around 60,100, with support near 58,000 to 58,100. The banking sector has hit an all-time high pre-Nifty, and I expect this trend to continue given strong inflows and lower valuations earlier this year.”

The financial space remains an important driver of market momentum. Rohit emphasizes, “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 leadership comes from.”

Despite a small correction today, metals continue to attract investors. Rohit commented: “Metals performed well even during a weak market, supported by a soft dollar and domestic demand. Aluminum prices are at multi-month highs. Steel is lagging, but we see buying opportunities during dips. Over the medium to long term, metals remain attractive.”

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

Investors are advised to keep an eye on key levels for Bank Nifty and Nifty as the market tests support and resistance zones. While there are short-term gains to be made, financial and metals fundamentals indicate that the current bullish trend is sustainable in the medium term. As markets navigate sectoral momentum, the combination of strong banking performance and selective opportunities in metals are expected to shape investor strategies in the coming weeks.