JSPL Shares Test Key Resistance: SEBI Analyst Advises Caution Despite Bullish Momentum

Jindal Steel & Power Ltd (JSPL) is inching closer to its all-time high after a fresh boost from Nomura. The global brokerage has kept its 'Buy' call on the stock and raised the target price to ₹1,150. 

The optimism stems from capacity expansions that will increase the share of flat products in JSPL's volumes, improved raw material integration, and lower costs once its pellet and captive power plants are operational.

Technical View

SEBI-registered analyst Mayank Singh Chandel pointed out that JSPL is now sitting right at a key resistance zone. The stock has been in a firm uptrend, trading above its 200-day, 50-day, and 21-day exponential moving averages, signaling that buyers remain in charge.

Momentum also looks healthy, with the relative strength index, or RSI, around 62.7. That level indicates the rally still has room to run before things start looking overheated. 

Still, Chandel said investors should wait for a clean breakout above ₹1,067–₹1,100 before jumping in with fresh buying.

Sector-Wide Rally

Not just JSPL, the entire metals sector has been buzzing this week after Nomura released a bullish view on steel. The firm expects prices to rise around 5% from current levels, citing rising demand at home and tightening supply as China reduces production.

That call helped lift the Nifty Metal index by more than 1%. JSW Steel surged to ₹1,148, its 52-week high, while Hindustan Copper, Adani Enterprises, and Jindal Stainless also joined the rally on Tuesday.

Analyst View

Chandel summed up the mood by saying the backdrop for the sector looks firm: India's demand is rising, China is cutting back supply, and the technical charts remain supportive. 

However, he stressed that traders should wait for clear breakouts, especially in JSPL, before chasing the rally further.

What Is The Retail Mood?

On Stocktwits, retail sentiment was 'neutral' amid 'normal' message volume.

Jindal Steel's stock has risen 12.9% so far in 2025.

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