Current Share Price and Market Overview
As of October 3rd, 2023, at 16:00, Coal India shares are trading at ₹502.45, reflecting a decline of 1.17% from the previous closing price. The broader market is experiencing a downturn, with the Sensex down by 2.1%, currently trading at ₹82,497.1. During today’s trading session, Coal India shares reached a high of ₹509.9 and a low of ₹498.25, indicating some volatility in the market.
Technical Analysis
From a technical perspective, Coal India stock is positioned above the 10, 20, 100, and 300-day Simple Moving Averages (SMA), but below the 5 and 50-day SMAs. This suggests that while the stock may be in a strong trend overall, it faces short-term pressure. The key support levels based on SMA are indicated at 10, 20, 100, and 300 days, while resistance levels are noted at the 5 and 50-day SMAs.
Pivot Levels
The classic pivot level analysis reveals crucial resistance points at ₹508.48, ₹515.02, and ₹520.13 for Coal India, while key supports are identified at ₹496.83, ₹491.72, and ₹485.18. These levels are critical for traders and investors to watch as they may affect future price movements.
Volume and Market Trend
As of 4 PM today, the trading volume for Coal India on both the NSE and BSE decreased by 24.32% compared to the previous session. Monitoring volume in relation to price trends is vital; an increase in price amid high volume often points toward a sustainable uptrend, while a drop in price alongside increased volume could signal further declines. Current analysis indicates that Coal India is currently experiencing a strong bullish trend, suggesting potential upward movement in the longer term.
Fundamental Analysis
On the fundamental side, Coal India showcases a Return on Equity (ROE) of 52.10%, signaling strong profitability relative to shareholder equity. The stock’s Price-to-Earnings (P/E) ratio stands at 7.76, suggesting it may be undervalued compared to its earnings prospects. Furthermore, with a median 1-year forecasted upside of 6.88%, analysts project a target price of ₹537.00, making it an appealing option for long-term investors.
Shareholding Structure
Coal India has a robust shareholding structure, with 63.13% of shares held by promoters, 11.52% by mutual funds (MFs), and 8.39% by foreign institutional investors (FIIs) as per the latest filings for the June quarter. It is worth noting that MF holding has slightly decreased from 11.70% in March to 11.52%, while FII holding has also seen a minor dip from 8.41% to 8.39% in the same period. These shifts in holding percentages may indicate changes in market sentiment and investor confidence.
Conclusion
Today, Coal India share prices have dipped 1.17% to ₹502.45, reflecting the mixed performance of its peers, with companies like Adani Enterprises and Sindhu Trade Links experiencing declines, while others such as Anmol India and Emergent Industrial Solutions show gains. As the market remains uncertain, with benchmark indices Nifty and Sensex both down by over 2%, investors should remain vigilant in their analysis of Coal India’s performance and market dynamics moving forward.
