JSW Steel: Bullish Momentum Builds, SEBI RA Sees Strength Above ₹990

The stock is currently holding firm around its key support zones, suggesting resilience in the short term, the analyst noted.

Shares of JSW Steel, India’s second-largest private steel producer, was amongst the top Nifty gainers, ending 2% higher on Wednesday. 

According to SEBI-registered analyst Deepak Pal, JSW Steel could see further upside before the July expiry if the stock price sustains above ₹990.

As per the daily chart, JSW Steel is currently holding firm around its key support zones near the 14-day and 55-day EMAs, suggesting resilience in the short term, he noted. The stock has maintained these levels since the beginning of the week, hinting at underlying buying interest.

Technical indicators such as the moving average convergence/divergence (MACD), relative strength index (RSI), and Parabolic SAR are all in the positive zone, reinforcing a bullish bias, he noted.

JSW Steel stock has already completed a correction phase and remains well-supported above its 200-day EMA at ₹970, a key long-term bullish signal, said Pal.

If JSW Steel continues to hold above ₹990, the stock could move higher toward ₹1050–₹1055 levels, a 3% premium over the current price, before the July series expiry, he added.

JSW Steel trades at a P/E of 14x–16x with an EPS between ₹37 and ₹40 and is supported by improving debt-to-equity metrics, and an ROE of 15%–17%.

Though it faces risks from commodity price volatility, regulatory changes, and shifting global demand, JSW Steel is well-placed to benefit from India’s infrastructure growth.

Year-to-date, the stock has risen 13.6%.

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