3 hrs ago
SAIL Shares Rebound as Indian Markets Recover
SAIL is a large steel company whose shares had fallen for two days.
On Friday, its shares rose by more than 4% as the wider Indian stock market also recovered.
Many SAIL shares were traded during the session.
The company also received a more positive outlook from CareEdge Ratings, while its ratings stayed the same.
SAIL has said it is preparing for an expansion that could increase production capacity by nearly 70%.
An analyst said traders could watch certain price levels, but also advised using a stop-loss and managing risk carefully.
Steel Authority of India shares rose more than 4% on Friday after falling for two consecutive sessions.
SAIL opened at ₹168 and reached an intraday high of ₹175.84; about 211.29 lakh shares traded on the NSE.
The Sensex gained 292 points and the Nifty rose 84.60 points in early trading, supported by TCS and other IT stocks.
CareEdge Ratings changed SAIL’s outlook to Positive from Stable, retaining its long- and short-term ratings.
Analyst Mahesh M Ojha cited ₹154 as a stop-loss level and potential upside targets of ₹176, ₹182 and above ₹188 if momentum continues.
- Who
- Steel Authority of India (SAIL), investors and traders, and analyst Mahesh M Ojha.
- What
- SAIL shares rebounded more than 4% during a broader market recovery.
- Where
- Trading on the National Stock Exchange of India.
- When
- Friday; the article does not specify the calendar date.
- Why
- The rebound occurred amid a wider market rally; the article also reported a surge in SAIL trading volume.
Cautious view
Optimistic view
Near-term share outlook
Cautious view
SAIL shares had fallen 1.12% over the past week and 7.43% over the past month, and the analyst advised a strict stop-loss at ₹154.
Optimistic view
The shares rebounded more than 4% on Friday, and the analyst said sustained positive momentum could support targets of ₹176, ₹182 and above ₹188.
Key facts
- SAIL opening price
- ₹168 per share on the NSE
- SAIL previous close
- ₹166.25 on Thursday
- Intraday high
- ₹175.84
- Shares traded
- Around 211.29 lakh shares during Friday’s intraday session
- Rating outlook
- CareEdge Ratings upgraded SAIL’s outlook to Positive from Stable
- Long-term rating
- CARE AA retained for bank facilities worth ₹14,850 crore
- Expansion plan
- Could increase production capacity by nearly 70%
- Analyst levels
- Stop-loss at ₹154; potential targets at ₹176, ₹182 and above ₹188 if positive momentum continues
Quotes
Mahesh M Ojha
Vice President of Research & Business Development at Kantilal Chhaganlal Securities
“Traders can consider the stock with a strict stop-loss at ₹154. On the upside, the stock could target ₹176, followed by ₹182 and ₹188-plus, provided the positive momentum sustains. Investors should closely monitor price action and maintain disciplined risk management.”
livemint.com
Sources
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