JSW Energy gains on bargain buying

JSW Energy advanced 2.11% to Rs 256 on bargain hunting after declining for four trading sessions.

The stock slipped 9.63% in the past four trading sessions to end at Rs 250.70 on 14 March 2023, from its recent closing high of Rs 277.40 recorded on 8 March 2023.

On the BSE, 1.79 lakh shares were traded in the counter so far compared with average daily volumes of 2.77 lakh shares in the past two weeks. The stock hit a high of Rs 261 and a low of Rs 251.15 so far during the day.

The stock hit a 52-week high of Rs 369 on 5 September 2022. The stock hit a 52-week low of Rs 182 on 20 June 2022.

The stock had outperformed the market over the past one month, advancing 12.68% compared with 5.51% fall in the Sensex.

The scrip had underperformed the market in past three months, declining 12.97% as against Sensex's 6.31% decline.

The counter had underperformed the market in past one year, sliding 17% as against 3.81% rise in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 55.624. 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 is trading below its 100-day and 200 day simple moving average (SMA) placed at 275.35 and 277.73, respectively. These levels will act as crucial resistance zones in near term. It was, however, trading below its 50-day SMA placed at 246.45. This level will act as near term support.

JSW Energy is primarily engaged in the business of generation of power with principal places located at Vijayanagar (Karnataka), Ratnagiri (Maharashtra), Nandyal (Andhra Pradesh) and Salboni (West Bengal).

The company reported 44.6% decline in consolidated net profit of Rs 179.61 crore in Q3 FY23 compared with Rs 323.93 crore in Q3 FY22. Net sales rose 18% to Rs 2,248.09 crore in Q3 FY23 as against 1,905.16 crore in Q3 FY22.

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