Jindal Steel & Power Limited Stock Forecast
Red day on Monday for Jindal Steel & Power Limited
(Updated on May 27, 2024)
The Jindal Steel & Power Limited stock price fell by -0.93% on the last day (Monday, 27th May 2024) from ₹1,069.20 to ₹1,059.30. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 2.21% from a day low at ₹1,056.60 to a day high of ₹1,079.90. The price has risen in 6 of the last 10 days and is up by 12.76% over the past 2 weeks. Volume has increased on the last day by 488 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 1 million shares were bought and sold for approximately ₹1.36 billion.
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 30.86% during the next 3 months and, with a 90% probability hold a price between ₹1,274.07 and ₹1,427.39 at the end of this 3-month period.
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JINDALSTEL.NS 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 ₹1,054.31 and ₹954.45. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, May 22, 2024, and so far it has fallen -1.71%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Jindal Steel & Power Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹978.45 and ₹897.75. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Jindal Steel & Power Limited finds support just below today's level at ₹978.45. If this is broken, then the next support from accumulated volume will be at ₹897.75 and ₹822.85.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹23.30 between high and low, or 2.21%. For the last week, the stock has had daily average volatility of 3.11%.
Our recommended stop-loss: ₹1,023.24 (-3.40%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 81 and this increases the risk substantially. There is a sell signal from a pivot top found 50 days ago.)
Trading Expectations (JINDALSTEL.NS) For The Upcoming Trading Day Of Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect Jindal Steel & Power Limited to open at ₹1,065.27, and during the day (based on 14 day Average True Range), to move between ₹1,032.10 and ₹1,086.50, which gives a possible trading interval of +/-₹27.20 (+/-2.57%) 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 5.13% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹1,068.95 (0.91%) than the support at ₹978.45 (7.63%), 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.
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.
Current score: 3.491 Buy Candidate Unchanged
Predicted Opening Price for Jindal Steel & Power Limited of Tuesday, May 28, 2024
| Fair opening price May 28, 2024 | Current price |
|---|---|
| ₹1,065.27 ( 0.563%) | ₹1,059.30 |
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 | 1,088.57 | 2.76 % | |
| R2 | 1,079.67 | 1.92 % | ||
| R1 | 1,074.17 | 1.40 % | ||
| Current price: | 1,059.30 | |||
| Support | S1 | 1,056.37 | -0.277 % | |
| S2 | 1,050.87 | -0.796 % | ||
| S3 | 1,041.97 | -1.64 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,077.70 | 1.74 % | |
| R2 | 1,074.05 | 1.39 % | ||
| R1 | 1,068.95 | 0.91 % | ||
| Current price | 1,059.30 | |||
| Support | S1 | 978.45 | -7.63% | |
| S2 | 897.75 | -15.25% | ||
| S3 | 822.85 | -22.32% |
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% |
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