Jindal Steel & Power Limited Stock Forecast
Stronger technical forecast for Jindal Steel & Power Limited stock price after Monday trading.
(Updated on May 06, 2024)
The Jindal Steel & Power Limited stock price gained 0.483% on the last trading day (Monday, 6th May 2024), rising from ₹931.50 to ₹936.00. During the last trading day the stock fluctuated 3.52% from a day low at ₹917.40 to a day high of ₹949.70. The price has risen in 5 of the last 10 days and is up by 2% over the past 2 weeks. Volume fell on the last day by -1 million shares and in total, 2 million shares were bought and sold for approximately ₹1.85 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a 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 28.07% during the next 3 months and, with a 90% probability hold a price between ₹1,135.20 and ₹1,239.00 at the end of this 3-month period.
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JINDALSTEL.NS Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Thursday, April 25, 2024, and so far it has fallen -0.663%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 ₹934.66 and ₹885.26. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Jindal Steel & Power Limited stock
Jindal Steel & Power Limited finds support from accumulated volume at ₹897.75 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 ₹32.30 between high and low, or 3.52%. For the last week the stock has had daily average volatility of 2.48%.
Our recommended stop-loss: ₹904.43 (-3.37%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 7 days ago.)
Trading Expectations (JINDALSTEL.NS) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Jindal Steel & Power Limited to open at ₹934.37, and during the day (based on 14 day Average True Range), to move between ₹910.73 and ₹961.27, which gives a possible trading interval of +/-₹25.27 (+/-2.70%) 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 5.40% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹936.50 (0.05%) than the support at ₹897.75 (4.09%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
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 +/- 3.78% in the first trading day after earnings release.
Is Jindal Steel & Power Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Jindal Steel & Power Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 4.306 Buy Candidate Upgraded
Predicted Opening Price for Jindal Steel & Power Limited of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| ₹934.37 ( 0.175%) | ₹936.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for JINDALSTEL.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 966.67 | 3.28 % | |
| R2 | 954.33 | 1.96 % | ||
| R1 | 946.71 | 1.14 % | ||
| Current price: | 936.00 | |||
| Support | S1 | 922.03 | -1.49 % | |
| S2 | 914.41 | -2.31 % | ||
| S3 | 902.07 | -3.63 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 942.25 | 0.668 % | |
| R2 | 941.85 | 0.625 % | ||
| R1 | 936.50 | 0.0534 % | ||
| Current price | 936.00 | |||
| Support | S1 | 897.75 | -4.09% | |
| S2 | 896.90 | -4.18% | ||
| S3 | 822.85 | -12.09% |
JINDALSTEL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 20, 2022 | Sep 20, 2022 | Sep 20, 2022 | ₹2.00 | 0.456% |
| 2 | Mar 16, 2022 | Mar 16, 2022 | Mar 16, 2022 | ₹1.00 | 0.215% |
| 3 | Apr 29, 2014 | Jul 11, 2014 | Aug 29, 2014 | ₹1.50 | 0.644% |
| 4 | Apr 25, 2013 | Sep 13, 2013 | Oct 30, 2013 | ₹1.60 | 0.667% |
| 5 | Apr 27, 2012 | Sep 10, 2012 | Oct 26, 2012 | ₹1.60 | 0.413% |
FAQ
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