Maharashtra clears 937 hectares for Gadchiroli steel expansion Steel stock surges 29% in just two days Steel output rises 14% to 9.25 MT Infrastructure boom fuels India’s steel consumption
Jindal Steel & Power (JSPL) has moved into the spotlight after a strong technical breakout on the weekly chart. The stock has reportedly broken out of a “saucer” formation—typically seen as a steady accumulation pattern—helping it climb to fresh record highs in February 2026.
Technical indicators are flashing positive signals, with the price holding above key moving averages and momentum gauges like RSI and MACD staying supportive. Traders are reading this setup as a continuation of the uptrend rather than a one-day spike.
JSPL had spent months consolidating in a broad range, with the ₹1,100 zone acting as a major hurdle and the ₹700 area providing a strong base. With the stock now clearing that resistance decisively, short-term market participants are watching ₹1,300 as the next potential upside level, while keeping an eye on nearby supports for risk management.If broader market sentiment remains steady, the breakout structure suggests the stock could stay in focus for momentum traders and technical investors over the near term.
Also Read : As India's Steel Deficit Widens, Baldota's ₹54,000 Cr Plant to Strengthen Domestic Capacity by Over 5% Success of India grounded in pursuit of reforms over last years: IMF MD Kristalina Georgieva
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