Current Status of Coal India Shares
As of September 30, 2023, at 1:00 PM, Coal India shares are priced at ₹512.35, reflecting a decline of 0.72% from the previous closing price. The overall market sentiment is bearish, with the Sensex trading at ₹84,595.12, down by 1.14%. During the trading session, Coal India shares reached a high of ₹514.7 and a low of ₹502.5, indicating volatility within the day’s trade.
Technical Analysis Overview
On the technical front, Coal India is positioned above its short-term simple moving averages for the past 5, 10, and 20 days. Additionally, the stock has surpassed the longer-term moving averages of 50, 100, and 300 days, reinforcing a positive outlook for traders and investors.
SMA Values
The following provides insight into the Simple Moving Averages (SMA) for Coal India shares:
- 5-day SMA: [value]
- 10-day SMA: [value]
- 20-day SMA: [value]
- 50-day SMA: [value]
- 100-day SMA: [value]
- 300-day SMA: [value]
Key Support and Resistance Levels
The classic pivot level analysis indicates significant resistance levels at ₹519.08, ₹524.72, and ₹531.78. Conversely, key support levels are identified at ₹506.38, ₹499.32, and ₹493.68.
Trading Volume Insights
As of 1 PM today, trading volume for Coal India on both the NSE and BSE has seen a sharp decline of 54.88% compared to the previous session. Volume dynamics are crucial for gauging market trends, with positive price movements often accompanied by increased volume indicating sustainability. Conversely, a drop in price with higher volume might suggest potential further declines.
Market Sentiment and Peer Comparison
Despite the downturn in Coal India’s share price by 0.72% today, the sentiment among its peers is mixed. While Anmol India is experiencing losses, peers like Adani Enterprises and Sindhu Trade Links show upward movement. Overall, benchmark indices such as Nifty and Sensex are down 1.07% and 1.14%, respectively.
Fundamental Analysis
From a fundamental perspective, Coal India displays a strong return on equity (ROE) of 52.10%, coupled with a price-to-earnings (P/E) ratio of 7.87, suggesting potentially favorable valuations. The company also benefits from a significant promoter holding of 63.13%. However, mutual fund (MF) holding has seen a slight decrease from 11.70% in March to 11.52% in June, and foreign institutional investor (FII) holding has also dipped from 8.41% to 8.39% in the same period.
Future Outlook
Looking ahead, analysts forecast a median one-year upside of 4.96% for Coal India shares, with a target price set at ₹537.77, based on current market conditions and technical patterns.
