Jindal Stainless Could See Strong Upside If It Breaks Above ₹695: SEBI RA Vijay Gupta

Momentum indicators like CCI signal a potential bullish crossover ahead for the stock, the analyst said

Jindal Stainless is showing signs of short-term accumulation, with the price consolidating just below a key breakout level near ₹695.

On the daily chart, the stock is trading close to both the Tenkan Sen conversion line at ₹692.43 and the Kijun Sen baseline at ₹693.46, according to SEBI-registered analyst Vijay Kumar Gupta.

At the time of writing, Jindal Stainless stock edged 0.5% higher to ₹684.55, having fallen 2.07% year-to-date.

The price is currently testing the top of the Ichimoku Cloud, and the flat cloud ahead suggests a potential sideways-to-bullish trend, the analyst noted. The Lagging Span (Chikou) is near current price candles, indicating a neutral setup with no clear divergence or strong momentum shift yet.

Momentum indicators are also showing recovery. The Commodity Channel Index (CCI) is rebounding from the oversold zone with a potential bullish crossover ahead, adding further weight to a possible upward move.

Volumes have hit 827K, the highest in five sessions, while On-Balance Volume (OBV) remains steady, reflecting no signs of distribution, Gupta said.

A breakout above ₹695 - ₹700 could trigger bullish momentum, if supported by a strong close above ₹700. Key support can be seen at the ₹665 - ₹670 range, he added.

Analysts remain optimistic, with Motilal Oswal assigning a target price of ₹770. If the stock holds above ₹695 and closes above ₹700, it could set up a quick move toward ₹ 730 or higher in the short term.

On the fundamental front, Jindal Stainless delivered a strong Q4 FY25 performance, with PAT surging 94% to ₹590 crore and annual revenue growing 13% to ₹40,182 crore.

A robust balance sheet with a low net debt-to-equity ratio of 0.2, along with capacity expansion through Chromeni and investments in renewable energy, enhances the long-term growth story.

Sectoral tailwinds from rising stainless steel demand in infrastructure, railways, and defense further support sentiment, the analyst said.

Retail sentiment on Stocktwits turned ‘bullish’ from ‘neutral’ a day ago.

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