SJVN Share Price Overview
As of October 9, 2023, at 11:19 AM, SJVN shares are trading at ₹122.85, reflecting a 1.87% increase from the previous day’s closing price. The broader market’s Sensex is performing well too, currently at ₹82,282.78, which is up by 0.79%. During the trading session today, SJVN shares have reached a high of ₹123.75 and a low of ₹122.15.
Technical Analysis
From a technical standpoint, SJVN is reflecting a bearish trend as it trades below key short-term simple moving averages (SMA) for 5, 10, and 20 days. Additionally, it is also below the longer-term SMAs for 50, 100, and 300 days. This technical posture suggests a lack of momentum and may signal cautious trading for potential investors.
Key Support and Resistance Levels
Upon analyzing the classic pivot levels on a daily time frame, the stock has identified key resistance points at ₹122.29, ₹124.21, and ₹127.17. On the downside, the stock holds critical support levels at ₹117.41, ₹114.45, and ₹112.53. Understanding these levels is crucial for timely trading decisions and risk management.
Trading Volume Insights
As of 11 AM today, trading volume for SJVN on both the NSE and BSE has plummeted, recording a decrease of 94.48% compared to the previous trading session. This sharp drop in volume can be a significant indicator; typically, positive price movements accompanied by high volume suggest a sustainable upward trend, whereas price declines with high volume may signal potential further downturns.
Market Sentiment and Projections
Overall, based on the technical analysis from various market experts, SJVN is currently perceived to be in a strong downtrend, indicating a period of caution for traders. However, there is a notable long-term outlook; the median forecast suggests a potential upside of 21.04%, with a target price set at ₹97.00. This long-term perspective may appeal to investors willing to hold through short-term volatility.
Ownership Structure
Examining the ownership structure, SJVN has a robust promoter holding at 81.85%, alongside mutual fund (MF) and foreign institutional investor (FII) holdings of 2.37% and 2.40%, respectively, according to filings in the June quarter. Interestingly, this reflects a growth in MF holdings compared to the 1.81% recorded in March. Similarly, FII holding has slightly increased from 2.36% in March to 2.40% in June, indicating a gradual confidence in the company’s potential among institutional investors.
