Jindal Steel & Power Limited Stock Forecast
Stronger technical forecast for Jindal Steel & Power Limited stock price after Wednesday trading.
(Updated on May 08, 2024)
The Jindal Steel & Power Limited stock price gained 2.22% on the last trading day (Wednesday, 8th May 2024), rising from ₹924.25 to ₹944.75. During the last trading day the stock fluctuated 3.70% from a day low at ₹914.15 to a day high of ₹948.00. The price has risen in 6 of the last 10 days and is up by 3.85% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 9 thousand more shares were traded than the day before. In total, 87 thousand shares were bought and sold for approximately ₹82.16 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 27.82% during the next 3 months and, with a 90% probability hold a price between ₹1,144.94 and ₹1,270.62 at the end of this 3-month period.
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JINDALSTEL.BO Signals & Forecast
The Jindal Steel & Power Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹936.01 and ₹882.49. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 13, 2024, and so far it has risen 23.59%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Jindal Steel & Power Limited stock
Jindal Steel & Power Limited finds support from accumulated volume at ₹927.45 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₹33.85 between high and low, or 3.70%. For the last week the stock has had daily average volatility of 3.27%.
Our recommended stop-loss: ₹909.42 (-3.74%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 34 days ago.)
Trading Expectations (JINDALSTEL.BO) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Jindal Steel & Power Limited to open at ₹935.63, and during the day (based on 14 day Average True Range), to move between ₹917.04 and ₹972.46, which gives a possible trading interval of +/-₹27.71 (+/-2.93%) up or down from last closing price. If Jindal Steel & Power Limited takes out the full calculated possible swing range there will be an estimated 5.87% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹927.45, some ₹17.30 (1.83%) from the current price of ₹944.75, our system finds the risk reward attractive.
Earnings coming up
Jindal Steel & Power Limited will release earnings BMO on Tuesday, May 14, 2024. We will update the financials statements for Jindal Steel & Power Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.41% in the first trading day after earnings release.
Is Jindal Steel & Power Limited stock A Buy?
Jindal Steel & Power Limited holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.438 Strong Buy Candidate Upgraded
Predicted Opening Price for Jindal Steel & Power Limited of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| ₹935.63 ( 0.96%) | ₹944.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for JINDALSTEL.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 969.48 | 2.62 % | |
| R2 | 956.55 | 1.25 % | ||
| R1 | 948.56 | 0.404 % | ||
| Current price: | 944.75 | |||
| Support | S1 | 922.70 | -2.33 % | |
| S2 | 914.71 | -3.18 % | ||
| S3 | 901.78 | -4.55 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 944.75 | |||
| Support | S1 | 927.45 | -1.83% | |
| S2 | 905.35 | -4.17% | ||
| S3 | 822.65 | -12.92% |
JINDALSTEL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 18, 2023 | Aug 18, 2023 | Sep 27, 2023 | ₹2.00 | 0% |
| 2 | Sep 20, 2022 | Sep 20, 2022 | Apr 09, 2022 | ₹2.00 | 0% |
| 3 | Sep 13, 2013 | Sep 13, 2013 | Sep 13, 2013 | ₹1.60 | 0% |
| 4 | Sep 10, 2012 | Sep 10, 2012 | Sep 10, 2012 | ₹1.60 | 0% |
| 5 | Sep 12, 2011 | Sep 12, 2011 | Sep 12, 2011 | ₹1.50 | 0% |
FAQ
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