Jindal Stainless corrects over 9% in three days

Jindal Stainless (JSL) slipped 2.04% to Rs 127.35, extending losses for the three consecutive trading sessions.

Shares of JSL tumbled 9.71% in three trading sessions from its recent closing high of Rs 141.05 on 22 September 2022.

On the BSE, 86,472 shares were traded in the counter so far compared with average daily volumes of 2.44 lakh shares in the past two weeks. The stock hit a high of Rs 132.95 and a low of Rs 126.2 so far during the day.

The stock hit a 52-week high of Rs 224.6 on 08 February 2022. The stock hit a 52-week low of Rs 95.05 on 20 June 2022.

The stock had outperformed the market over the past one month, rose 1.07% compared with 1.21% fall in the Sensex.

The scrip had also outperformed the market in past three months, jumped 27.48% as against Sensex's 7.73% rise.

However, the counter had also underperformed the market in past one year, dropped 18.7% as against 4.67% decline in the Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 44.181. 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 and 100-day simple moving average (SMA) placed at 125.13 and 121.11 respectively. These levels will act as crucial support zones in near term.

JSL has a stainless steel melt capacity of 1.1 million tonnes per annum. Its unit is located in Odisha. On a consolidated basis, net profit of JSL rose 6.13% to Rs 321.32 crore on 35.74% rise in net sales to Rs 5474.12 crore in Q1 FY23 over Q1 FY22.

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