JSW Steel is partnering with Japan s JFE Steel Corporation to form a 50:50 joint venture, JSW JFE Electrical Steel Private Limited. The new company will invest Rs 5,500 crore ($734 million) to set up a plant in Bellary, Karnataka, producing grain-oriented electrical steel. Production is expected to start in FY27, with potential for capacity expansion to meet growing demand in India.
JSW Steel’s daily trend is bullish to sideways. The RSI for monthly, weekly and daily are showing bullish momentum. Based on option chain analysis, the range is between 800 and 900. Let’s plan a trade around this.
The domestic equity market closed lower for the third straight session on Friday. Sensex slipped 231 points to end the session at 65,397 and Nifty lost 82 points to settle at 19,542. Here s a look at stocks that are likely to remain in focus this week.
Stocks in focus today: Stock-specific action can take place over the next few trading sessions. PB Fintech, Zomato, JSW Steel, and PNB are among the stocks to watch on Monday, May 23, 2023.