India–US Trade Tensions Rise Over Steel and Auto Tariffs NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Shares of Jindal Steel Ltd gained notable traction today as open interest in its stock surged by 7.8%, signaling strong bullish sentiment among investors. The increase in open interest, which represents the number of outstanding derivative contracts, suggests that traders are building fresh long positions, betting on further upside.The stock's price moved up by 1.7% in intraday trade, supported by above-average volumes, indicating renewed investor interest. Jindal Steel’s robust fundamentals, steady cash flows, and positive industry outlook are likely contributing to this optimism.
Technical indicators further support the bullish view, with momentum oscillators showing strength and the stock trading comfortably above key moving averages. Analysts view this confluence of technical and derivative signals as a potential precursor to sustained upward movement.Jindal Steel's performance comes amid rising steel demand and favorable global pricing trends, which are bolstering the sector. If the current momentum continues, the stock could test new resistance levels in the coming sessions.
Investors are advised to monitor price action closely while keeping an eye on any macroeconomic developments that could influence the broader metals sector.
Also Read : PMO expects to review Red Sea Crisis soon Thai Steel Industry Faces Increased Pressure from Foreign Competitors
West Bengal Chief Minister Mamata Banerjee on Tuesday virtually inaugurated Shyam Steel's ₹1,500-cro...
Business 27-Feb-2024
Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP), achie...
Construction 26-Dec-2025
Australia's key iron ore producers have allied with BlueScope, targeting the reduction of carbon emi...
Asia 09-Feb-2024
Fortescue will work with Chinese authorities to find a solution to the delays keeping some of its ir...
China 25-Jan-2024
A consortium led by India's Institute of Minerals and Materials Technology (IMMT) has expressed inte...
Business 17-Jul-2024
The Ministry of Mines conducted the third round of internet auctions for seven important mineral blo...
Raw Material 15-Mar-2024