Stock at 52-week high: Jindal Steel and Power Ltd
The stock of JINDALSTEL has hit a fresh 52-week high of Rs 548.40 on Monday.
Jindal Steel and Power Limited is a steel producer, and its segments include Iron & Steel, Power and Other manufacturing processes. With a market capitalization of about Rs 55000 crore, it is one of the strongest leaders in its sector. The stock is in limelight due to its recent strong performance.
The stock of JINDALSTEL has hit a fresh 52-week high of Rs 548.40 on Monday. It is up by nearly 3% and is currently trading at its day’s high. After a flat opening, the stock gained momentum quickly and has formed a strong bullish candle with its open=low. After a few days of consolidation at higher levels, the stock has crossed above its upper trading range with good volume.
The 14-period daily RSI has above 70-mark and is in the super bullish territory. Meanwhile, the trend indicator ADX is at 25 and points northwards, indicating a strong uptrend. The On Balance Volume (OBV) is hovering at a higher level for past many days and indicates strong strength from the volume’s point of view.
The stock has performed exceptionally well in the past. It has generated about 44% return on YTD basis, while in the last month, the stock gained about 25%, thus outperforming the broader market and most of its peers. During the last few weeks, the metal prices have soared higher and thus, it would largely benefit the metal stocks. The metal demand is at a high and with global tensions persisting, metal prices are expected o remain higher. Keeping the above points in mind, the stock is expected to do well in the coming days. It has the potential to test the level of Rs 575 followed by Rs 600 in the short to medium term. Moreover, it is a good candidate for swing trading. Short term traders/positional traders can expect good profits from this stock soon.
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