Is Jindal Steel Entering Its Most Powerful Rally Yet?

Elliott wave when combined with Price action leads to interesting results. The following research is picked from Aakash monthly report of Previous August 2025 month. Stock is moving accordance to our path and is heading to our target of 1100 levels. See detail research below:

Jindal Steel Weekly chartMetal sector has been consistent in outperforming Nifty 50, generating greater alpha which highlights the strength in the ongoing sector thus making it attractive to the investors.

Safeguard Duty Policy Development - The Directorate General of Trade Remedies (DGTR) has recommended a three-year safeguard duty on certain categories of steel imports to protect the domestic industry from rising import pressures. This move is likely to benefit the Metal giants such as Tata Steel, JSW Steel, SAIL, and Jindal Steel & Power (JSPL), and may further reinforce the sector’s positive trajectory.

Jindal Steel and Power Ltd carries a weightage of 5.35% in the CNX Metal Index and is one of the top performers in the Index. The stock has been outshining its sector.

Weekly chart- As per the Dow Theory, prices have been moving in a higher high and higher low formation and has been moving in line with its upward sloping trendline which keeps the weekly trend on bullish side. Prices bounced from the 45 Period Exponential Moving Average towards the end of August 2025. So as long as same remains protected on the downside we can expect further rise to continue. Support as per this is at 940 levels.

 From the wave perspective, the entire rise in Covid low 2020 has been impulsive in nature. Wherein, intermediate wave 3 of Primary wave (3) got completed on the upside in July 2024 and post which the entire correction was in the form of Intermediate 4 which got completed in the form of a 7-legged Diametric pattern. The current rise is in form of wave 5 of (3).

In a nutshell, Technical Indicators, Price action and Elliott wave all are in tandem with each other which hints towards positive up move in the stock. One can continue to use buy on dips approach to ride the trend with the aim for fresh record highs. On the downside 940 levels should remain protected which is EMA (Exponential Moving Average) support.

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