The markets were off the intraday highs at 1:40 pm on Tuesday, still sustaining a strong bounce back after a Monday drubbing. The BSE Sensex was trading at 56,743.35, up by 921 points or 1.65 per cent from the last closing around this time. Meanwhile, the Nifty50 was up by almost 260 points or 1.6 per cent.  

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All the 15 sectoral indices were trading in the green around this time with the Nifty Metal maintaining its pole position with 3.59 per cent gains. It was followed by the Nifty Media with a 3.52 per cent upside. The other top performing indices were Nifty IT, Nifty Consumer Durables and Nifty Realty, which were up 2.6 per cent, 2.3 per cent and 2.3 per cent, respectively. 

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Technical analyst Nilesh Jain was bullish on the metal sector. He recommended two stocks, that he said could yield good returns. 

Nifty Metal index was trading at 5,454.95, gaining 183 points from the Monday closing levels. All stocks were trading positively in the 15-share index. The biggest gainers were National Aluminium Company Limited, Welspun Corp Limited and Steel Authority of India Limited (SAIL). The stocks were up over 6.4 per cent, 5 per cent and 4.5 per cent respectively. 

Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking, sees this index testing levels between 5700 and 5800. It has taken a turn after seeing significant corrections from the highs of 6312. Jain said that the Nifty Metal Index has tested its 200-Day Moving Average (DMA) and multiple-bottoms at 5200 before making a U-turn.  

Hindalco Industries: Buy| LTP: Rs 447| Target: Rs 500| Stop Loss: Rs 420| Upside 12%   

Hindalco Industries Limited shares were up over 3.4 per cent around this time. Jain said that the stock looks strong on the charts and has a pattern similar to Nifty Metal. This stock has respected its 200-DMA consistently despite strong corrections in November and December, he added.  The view is for the January series. 

National Aluminium Company: Buy| LTP: Rs 98| Target: Rs 114| Stop Loss: Rs 92| Upside 16% 

This stock is taking a strong support at 92. Jain said that the counter could test levels of RS 114. He has a positional view on this stock. In October, the stock achieved its 52-week high of Rs 127. 

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)