Metal Stocks to Buy: Macquarie bullish on Tata Steel, JSW Steel and more with massive upside potential, check full list

Global brokerage Macquarie Group has turned the spotlight back on metal stocks—and the timing is interesting. The sector just saw a decent uptick, with the metal index ending the week about 1 per cent higher and most stocks closing in the green. That’s got investors asking a simple question: is it time to start buying again?

Macquarie’s latest report doesn’t give a blanket “yes,” but it does point toward selective opportunities—especially in steel names.

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Steel stocks still look strong

If there’s one clear takeaway from the report, it’s this: the brokerage is still bullish on steel companies.

Take Tata Steel, for example. Macquarie has stuck with its “outperform” call and even raised the target price to Rs 241 from Rs 222. The stock is still trading below that level, which leaves some upside on the table if momentum continues.

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The view is quite similar on JSW Steel. Here too, the brokerage has maintained an outperform rating and nudged the target price higher to Rs 1,353. The stock hasn’t been very aggressive in the short term, but the overall trend has been stable—and that seems to be enough for Macquarie to stay positive.

Then there’s Jindal Steel and Power, which also makes it to the preferred list. The brokerage has raised its target price to Rs 1,321 and kept its positive stance intact. The stock has already seen decent traction recently and continues to hold investor interest.

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A more cautious take on others

When it comes to non-steel names, the tone becomes a bit more measured.

On Hindalco Industries, Macquarie has maintained a neutral rating, even though it has increased the target price to Rs 1,080. So, while the long-term story remains intact, the brokerage isn’t in a hurry to turn aggressively bullish here.

The same cautious approach is visible in Coal India. The stock has been given a neutral rating with a target price of Rs 445. It also saw some pressure in the latest session, which may explain the more balanced stance.

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So, is it time to buy metal stocks?

The short answer—partially.

The sector is clearly showing signs of strength again, but this isn’t the kind of rally where everything moves together. According to Macquarie, stock selection is going to matter a lot here.

Steel companies seem better placed at the moment, backed by relatively stronger trends and outlook. Other segments may take a bit more time to catch up.

What should investors do now?

With markets reopening on Monday, these calls could shape how traders approach the metal pack. Instead of chasing the entire sector, the focus may remain on specific names where both performance and outlook are lining up.

In simple terms, the opportunity is there—but it’s not across the board. Picking the right stocks could make all the difference this time around.