Ceigall India Shares Fall After Early Jump On ₹509 Crore Order - SEBI Analyst Sees Over 20% Upside

Shares of Ceigall India fell around 1.5% on Friday, paring early gains, even as the company secured a ₹509 crore road construction contract through its joint venture with JSP Projects. 

The Letter of Award from the Greater Mohali Area Development Authority (GMADA) covers internal roads and related works in Pocket B, C and D of Aerotropolis, SAS Nagar. 

The project, which includes civil, public health, and electrical works, is to be executed within 24 months. Ceigall holds an 80% share of the project, while JSP Projects will account for the remaining 20%.

Support Levels And Resistance

SEBI-registered analyst Prabhat Mittal said that after debuting at ₹424.80 on its listing day of Aug. 8, 2024, Ceigall corrected sharply to ₹238 by March 17. He noted that the stock has repeatedly taken support around ₹235, meaning this level has historically acted as a price floor where buying interest emerges.

On the higher side, Mittal highlighted that ₹290 has become an important resistance level. He said the stock is currently close to this resistance line.

Trading Range And Risk Considerations

Following the contract news, the stock rose to an intraday high of ₹281 before falling back towards the day's low. Mittal said this behavior indicates risk in buying at higher levels, as the stock tends to retreat when approaching resistance.

He advised traders to consider waiting for a lower entry point around ₹240, with a strict stop loss below ₹225.

Potential Targets Ahead

Mittal said that from a trading perspective, a bounce from lower levels could allow the stock to reach near-term targets of ₹280–₹285. 

He added that a decisive breakout above the ₹290 resistance zone could open the path for the next target at ₹330.

What Is The Retail Mood?

On Stocktwits, retail sentiment for Ceigall was 'neutral' amid 'low' message volume.

Ceigall's stock has declined 22.3% so far in 2025.

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