JSW Steel Share Price News
With high volume, JSW Steel gained over 8%, JSPL gained over 7%, and SAIL gained over 6% to set a new 52-week high on April 1.
In a holiday-shortened week, the Indian market broke through main resistance levels. On the last working day of the week ended April 1, the S&P BSE Sensex closed above 50,000, while the Nifty50 reclaimed 14,800.
On Thursday, the S&P BSE Sensex finished 520 points higher at 50,029, while the Nifty50 finished 176 points higher at 14,867. Due to a public holiday in India, the market was closed on Friday.
On a stock-by-stock basis, JSW Steel gained over 8% on heavy volume, JSPL gained over 7%, and SAIL gained over 6% to set a new 52-week high on Thursday.
Here are some tips from experts on how to trade these stocks today.
Shrikant Chouhan, Kotak Securities’ Executive Vice President, Equity Technical Research
JSW Steel is a corporation that manufactures steel.
On April 1, the stock increased by more than 7%. It began the day on a bullish note and continued to do so throughout the day.
The persistence of an uptrend in the near future is clearly indicated by a solid price volume rally. The stock has developed a strong price volume breakout continuation formation in the short term time frame, and the texture of the trend suggests breakout activity will continue if the stock can trade above Rs 475.
The sacrosanct level for swing traders should be Rs.475 rupees. We may expect the uptrend to continue up to Rs.531-550 if the stock trades above the same.
JSPL: Thank you for your interest in JSPL.
The stock opened with a gap up on Thursday, quickly surmounting its previous resistance of Rs 355. The uptrend wave is expected to continue in the short term, based on a solid and steady rally following the breakout.
In a short span of time, JSPL has risen from Rs 300 to Rs 370. The rally was led by the price, and it was backed up by low volume.
The stock has developed a Higher High and Higher Low series pattern on the daily and weekly charts, suggesting that the uptrend momentum is likely to continue in the near future.
The trend deciding amount for positional traders will be Rs 350. We may expect a further uptrend to Rs 400-425 if the stock trades above the same. However, if the stock closes below Rs.350, traders can choose to sell their long positions.
SAILING:
The stock has risen nearly 10% in the last week alone. SAIL hit a new 52-week high of Rs.84.40 on April 1, and it closed above the Rs.80 resistance level, which is generally positive, after a stellar intraday rally.
The important thing is that post-breakout price movement and low volume behaviour mean that bulls are in full charge and plan to hold their bullish stance in the near future.
Furthermore, the stock has developed a strong promising price volume breakout formation on the daily and weekly charts, which also supports the short-term uptrend.
The levels of Rs. 80 and Rs.78 should be main levels to watch for trend following traders. If the stock stays above the same, the breakout continuation texture is likely to continue up to Rs.90-94, according to the overall chart structure.
