Current Overview of Jsw Steel Share Price
As of October 3rd, 2023 at 11:19 AM, Jsw Steel shares are currently trading at ₹1050.5, representing a notable increase of 2.22% from the previous closing price. In contrast, the benchmark Sensex index is witnessing a downturn, trading at ₹83180.3, down by 1.29%. Throughout the trading session, Jsw Steel has reached a high of ₹1059.95 and a low of ₹1027.7, reflecting a stable trading range.
Technical Analysis
On the technical front, Jsw Steel is exhibiting strong bullish trends, trading above several key short-term and long-term simple moving averages (SMA). This reliable trend indicates potential growth stability. The current SMAs are as follows:
| Duration | SMA Value |
|---|---|
| 5 Days | N/A |
| 10 Days | N/A |
| 20 Days | N/A |
| 50 Days | N/A |
| 100 Days | N/A |
| 300 Days | N/A |
Pivot Levels and Market Sentiment
According to classic pivot level analysis on a daily time frame, Jsw Steel has established key resistance levels at ₹1033.37, ₹1039.43, & ₹1048.92. Conversely, the stock has identified crucial support levels at ₹1017.82, ₹1008.33, & ₹1002.27. This analysis suggests that Jsw Steel is currently enjoying a favorable market sentiment with an overall bullish trend.
Fundamental Metrics
From a fundamental perspective, Jsw Steel showcases strong financial indicators such as a Return on Equity (ROE) of 12.29% and a Price-to-Earnings (P/E) ratio of 34.22. These metrics are vital in determining the company’s profitability and market valuation, paving the way for potential long-term investments.
Forecast and Shareholding Patterns
The median 1-year forecasted upside for Jsw Steel shares is estimated at 9.00%, with a target price of ₹956.00. This forecast indicates a positive outlook for investors. Furthermore, the company demonstrates a robust shareholding structure, with 44.81% held by promoters, 6.86% by mutual funds (an increase from 6.59% in March), and 10.51% by foreign institutional investors (FIIs), which has slightly decreased from 11.05% in March.
Comparative Market Position
On the trading day, Jsw Steel has risen by 2.22%, while its industry peers display mixed outcomes. Stocks such as Jindal Stainless and Steel Authority of India are experiencing declines, while Tata Steel and Jindal Steel & Power have shown positive movements. Notably, benchmark indices Nifty and Sensex are both down by 1.19% and 1.29%, respectively.
Conclusion
Considering the technical analysis, fundamental metrics, and market sentiment, Jsw Steel appears to be a strong contender in the steel sector. With a favorable outlook and increasing mutual fund holdings, investors may want to keep a close eye on this stock as it navigates its trading journey.
