JSW Steel Ltd

NSE :JSWSTEEL   BSE :500228  Sector : Steel

JSW Steel management said the profit is “highest-ever net profit after tax (PAT)”. The debt has come down by Rs. 858 crore to around Rs 15,000 crore during 2020-21, the company said. There were no major reasons or news on account of which stock fell by 2.5% in today’s trading session. Steel stocks like TATASTEEL, SAIL and HINDALCO have also seen correction in Intraday trading session on account of profit booking in Metals specially front line steel companies.

What’s Ahead? Technical Outlook of JSWSTEEL:

Stock is hovering around 20 days exponential moving averages, which can act as a strong support zone for the stock. Stock has seen a rally from 668 to 729 on 29 April backed by strong volume. Now again these strong hands will push the stock up from support levels of 670-675, this provides a good opportunity to accumulate stock for short term targets of 730-760. If stock breaks and closes below 668 levels we need to review the technical setup and outlook for the stock. 

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