JSW Steel corrects over 10% in six days

28 Sep 2022 , 03:05 PM

Shares of JSW Steel declined 10.32% in six trading sessions from its recent closing high of Rs 688.75 on 20 September 2022. On the BSE, 78,111 shares were traded in the counter so far compared with average daily volumes of 2.13 lakh shares in the past two weeks. The stock hit a high of Rs 632.95 and a low of Rs 617.25 so far during the day. The stock hit a 52-week high of Rs 789.95 on 19 April 2022. The stock hit a 52-week low of Rs 520.1 on 26 May 2022. The stock had underperformed the market over the past one month, down 1.91% compared with 1.49% fall in the Sensex. The scrip outperformed the market in past one quarter, up 11.42% as against Sensexs 7.42% rise. The scrip had also outperformed the market in past one year, down 1.92% as against Sensexs 4.94% fall. On the technical front, the stocks daily RSI (relative strength index) stood at 24.398. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 663.59, 675.98 and 670.99 respectively. These levels will act as crucial support zones in near term. JSW Steel, the flagship business of the diversified JSW Group, is Indias leading integrated steel company with capacity of 28 MTPA in India & USA (including capacities under joint control). The companys manufacturing unit in Viiayanagar, Karnataka is the largest single location steel-producing facility in India with a capacity of 12 MTPA. The companys consolidated net profit slumped 85.81% to Rs 838 crore in Q1 FY23 as against Rs 5,904 crore recorded in Q1 FY22. Revenue from operations surged 31.78% to Rs 38,086 crore in Q1 FY23 compared with Rs 28,902 crore in the same quarter last year. Powered by Capital Market – Live News