SJVN Share Price Analysis – 1st October 2023
As of 11:21 AM on October 1st, 2023, SJVN shares are priced at ₹131.55. The stock is experiencing a decline of 0.83% compared to the previous closing price. In contrast, the broader market is also under pressure, with the Sensex trading at ₹84,146.72, which is down by 0.18%. Notably, during today’s trading session, SJVN reached a high of ₹133.3 and dipped to a low of ₹131.15.
Technical Analysis
From a technical standpoint, SJVN shares are trading above the short-term simple moving averages (SMA) of 5, 10, 20, and 300 days. However, they are lower than the 50-day and 100-day SMAs, indicating a mixed outlook for the stock’s performance. The upcoming support levels align closely with the shorter-term SMAs, whereas resistance levels are evident at the longer-term SMAs, allowing for potential price fluctuations in coming days.
Key Support and Resistance Levels
| Support Levels (₹) | Resistance Levels (₹) |
|---|---|
| 129.62 | 134.7 |
| 127.23 | 137.39 |
| 124.54 | 139.78 |
Volume Trend
As of 11 AM today, trading volumes for SJVN on both the NSE and BSE have dropped significantly, showing a decrease of 94.98% from the previous session. Volume trends serve as an essential indicator when analyzing price trends. A positive price movement coupled with increased volume often signifies a sustainable upward trend, while a decline in price with rising volume might indicate potential further drops.
Market Sentiment and Prospects
Overall sentiment towards SJVN appears to be gradually shifting, with the stock displaying signs of a possible trend reversal after a recent downtrend. According to comprehensive technical analysis, investors should keep a close watch, as strong buying signals could form if the stock breaks through its immediate resistance levels.
Fundamental Insights
From a fundamental perspective, SJVN holds a return on equity (ROE) of 6.53%. The current price-to-earnings (P/E) ratio stands at 53.46, suggesting investor optimism despite mixed signals from the share price. Analysts have forecasted a median 1-year upside potential of 26.26%, projecting a target price of approximately ₹97.00.
Shareholding Structure
The company’s shareholding composition highlights a solid promoter holding of 81.85%. Additionally, mutual fund (MF) investments rose to 2.37%, up from 1.81% in March, indicating increased interest. Similarly, foreign institutional investors (FII) have also slightly increased their stake, now at 2.40%, compared to 2.36% earlier in the year.
Conclusion
Despite today’s slight downturn, SJVN’s share price remains resilient while its peers display a mixed bag of performances. Companies such as Torrent Power and CESC are down, while NHPC and NLC India show upward movement. As the overall market shows signs of decline, investors should tread carefully and keep abreast of both technical and fundamental developments in SJVN.
