JSW STEEL LTD. stock forum

Oct 17

JSW Steel Ltd. (JSWSTEEL) - Technical Analysis
Overview
JSW Steel Ltd., a leading steel-making company in India, has been experiencing a volatile period recently. The stock price has been fluctuating between support and resistance levels.
Technical Analysis
Let's dive into the technical analysis to understand the potential future movement of JSWSTEEL:
1. Trend:
* Short-term: The stock seems to be in a consolidation phase, with a slight bearish bias.
* Long-term: A broader uptrend is visible, indicating a bullish sentiment.
2. Support and Resistance Levels:
* Immediate Support: The 900-920 INR range appears to be a strong support level.
* Immediate Resistance: The 1000 INR level is a crucial resistance level.
3. Indicators:
* Moving Averages: The 50-day and 200-day moving averages are currently below the price, indicating a potential bullish crossover. However, a bearish crossover might occur if the price falls below the 50-day MA.
* RSI (Relative Strength Index): The RSI is currently hovering around the 50 level, suggesting a neutral sentiment. A move above 50 could indicate a bullish momentum, while a move below 50 could signal a bearish trend.
* MACD (Moving Average Convergence Divergence): The MACD line is crossing below the signal line, indicating a potential bearish crossover. This could suggest a short-term downward trend.
Potential Future Movement:
Given the current technical indicators and market sentiment, JSWSTEEL might experience a short-term correction before resuming its uptrend.
Possible Scenarios:
* Bearish Scenario: If the price breaks below the 900-920 INR support level, it could lead to further downside, with potential targets around the 800-850 INR range.
* Bullish Scenario: A sustained move above the 1000 INR resistance level could trigger a strong uptrend, with potential targets around the 1100-1200 INR range.
Disclaimer:
* Technical analysis is not foolproof and should be used in conjunction with fundamental analysis and market sentiment.
* It's important to consider factors like global economic conditions, domestic policies, and industry-specific news while making investment decisions.
* Always consult with a financial advisor before making any investment decisions.
Note: This analysis is based on the current market conditions and technical indicators. Market conditions can change rapidly, and it's essential to stay updated with the latest news and developments.

Oct 4

JSW Steel Ltd view for Intraday 4th October #JSWSTEEL
Buying may witness above 1045
Support area 1020-1025. Below ignoring buying momentum for intraday
Selling may witness below 1019
Resistance area 1040-1045
Above ignoring selling momentum for intraday
Charts for Educational purposes only.
Please follow strict stop loss and risk reward if you follow the level.
Thanks,