Globe Capital expects metals to witness some corrections going forward

In an interview to CNBC-TV18, Himanshu Gupta of Globe Capital, said that a very strong technical recovery rally was seen in most of the metals.

However, he said, “When China joins after a break for this week on Monday, there is a very high possibility that after a sharp rally, we see some kind of profit booking and shorting at higher levels. So I expect some metals to witness some corrections hereafter and therefore would be looking to go short at higher levels."

On aluminium, Gupta said, “We have seen some sharp sell-off in the late evening on Thursday. So I do not think these gains will sustain Friday’s session.”

“Metals like zinc and copper, they are the metals that have seen a very strong sharp run up over the last couple of sessions. I think some profit booking is on the cards and I would be looking to go short on both the counters,” he added.

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