Jindal Saw gains technical momentum with a recent breakout and volume surge, sparking renewed investor interest despite mixed market signals and uncertain momentum indicators.
Jindal Saw is back in focus after technical analysts flagged it as a short-term trading idea for Monday, with one market note placing a buying range at Rs 135, a stop loss at Rs 125 and a target of Rs 155. Virat Jagad, senior technical research analyst at Bonanza Portfolio, said the stock has broken out of a long consolidation band, reclaimed important resistance levels and moved above its short-term exponential moving averages, a pattern he said points to renewed momentum.
That call fits with the broader technical picture seen in recent market commentary. Business Standard reported earlier this year that Jindal Steel had formed a cup-and-handle pattern, a classic bullish continuation setup that often appears after a period of accumulation and sideways trade. While that analysis was focused on Jindal Steel rather than Jindal Saw, it underlined how steel-related counters have been attracting attention from traders looking for signs of trend continuation rather than sharp mean reversion.
Separate coverage on Jindal Saw has also pointed to improving demand conditions in the stock. Business Standard quoted Mehul Kothari of Anand Rathi Shares and Stock Brokers as recommending the shares with a target of Rs 116 and a stop loss at Rs 96, saying the stock had rebounded strongly on robust volumes and was trading near a key exponential moving average support. MarketsMojo later said the stock rallied 6.9% on April 16 and subsequently pushed to a fresh 52-week high of Rs 271.75 on July 9, 2026, after rising from a 52-week low of Rs 153.20.
Still, the technical backdrop has not been uniformly positive. ETMoney’s technical readout showed a neutral stance, with the relative strength index at 43.76 and several other momentum gauges pointing to weakness, even as the share price remained above its 20-day, 50-day, 100-day and 200-day simple moving averages. MarketsMojo also described the stock as moving through a mixed phase in early July, suggesting that while the broader trend improved, traders continued to face fluctuating signals. For now, Monday’s recommendation appears to rest on the view that the latest breakout and volume support outweigh that earlier uncertainty.
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