Top buzzing stock: Jindal Stainless (Hisar)

resr 5paisa Research Team 12th December 2022 - 10:49 am
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Jindal Stainless (Hisar) Ltd operates as a subsidiary of Jindal Stainless Ltd.

Jindal Stainless (Hisar) Ltd is a midcap stainless-steel manufacturing company. Its products include slabs, coin blanks, precision strips, blade steel and stainless-steel plumbing. The company was incorporated in 2013 and is based in Hisar, Haryana.

The stock has performed exceptionally well in short term and has given a return of 17% in just one month. Furthermore, the stock has delivered about 233% to its shareholders in one year. These stats are no less in describing the immense bullishness the stock has.

The stock has surged nearly 4% today and hit a fresh all-time high of Rs 430. It was in a continuous uptrend and has never closed below its 20-DMA this year. The bullishness is best described by RSI, which is placed in the super bullish territory. The MACD line is well above the zero line and signal line and demonstrates the strong uptrend of the stock. All the moving averages are upward sloping, which validates the positive bias of the stock. The weekly ADX is above 45 and rising upwards, displaying a strong uptrend on the weekly timeframe. The above technical parameters are validated by rising volumes in recent times, highlighting the increasing participation of market participants in this stock.

Such strong technical can be attributed to the company’s increasing net profitability over the years. The company has also improved its operating margins significantly. With such strong fundamentals, the domestic institutions have increased their stake last year. Most of the company’s stake is held by the promotors which is about 58%, while the institutions hold about 25% of the stake. The rest is held by the HNIs and retail portion.

Considering the strong technical and sound fundamentals, the stock is quite attractive among traders for the short and medium term. It has the potential to deliver decent returns during this period.

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