Strong Bullish Market sentiments for JSW Steel Ltd

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JSW steel is a flagship company of the JSW Group and also one of the fastest growing companies in India. The company has a presence in over 100 countries with the capacity to manufacture high-grade steel for the automotive segments. It acquired multiple companies at their maturity stage from the 2000s like SISCOL, majority stake in DALVI steel plant. Also the company had partnered with IKEA for laying the foundation to its first store in India which displays the capacity of the company and also the trust that has been developed in the business relations. The major sources of revenue generated by the company’s products are Hot rolled Coils/Plates/Sheets which contributes to 51% of the total sales and Rolled products, Coils & sheets, Billets and Blooms etc.., that contributes to the sales value.
The following chart of SuperTrend shows the downward trend for the stock which started during 24th February 2020 that has been continued till now. The market sentiment for the stock has been bullish which can be denoted by the bullish candlesticks formed showing a rise in their share price. The company’s share price rose by 3% during the Friday’s trading sessions as Theleme Master Fund, a UK-based hedge fund bought more than 2.84 crore shares of JSW Steel which is worth over Rs. 437 crore which denotes that the market sentiments are depicting a bullish trend for the stock.
 

The production in the company’s steel plants has paused due to the ongoing 21-day lockdown in the country which has affected the economy as a whole. The company has taken precautionary measures to ensure the safety of the employees in its plants and steel being an essential commodity, the company has decided to scale down its production during the lockdown which would prevent the losses faced during a complete shutdown of its operations. Also, the company has bagged 3 iron ore mines located in Odisha which has a combined capacity of around 1.09 bn tonnes. Odisha accounts for about 50-55% of India’s iron ore production which has over 40 iron ore mines in the state.
The Ichimoku cloud indicator shows the bullish trend of the stock with the formation of the green cloud in an upward direction. The Chikou span (lagging line) also shows a change in the trend for the stock as it rises after a slight deviation which is also confirmed by the base line and conversion line by signaling buy option for the stock. Also, the company’s consolidated sales were up by 2.69% to Rs.17666 crore from the last quarter with a net profit after tax of Rs.214 crore for the quarter displaying its strong financial position.

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