Key Events This Week
2 Feb: Modest gain of 0.31% despite Sensex decline
3 Feb: Strong gap up and intraday high at Rs.189.35 with 7.03% gain
4 Feb: Marginal advance of 0.16% on lower volume
5 Feb: Pullback of 1.83% amid broader market weakness
6 Feb: Recovery with 1.60% gain to close the week at Rs.187.80
2 February 2026: Resilient Start Despite Market Weakness
Jindal Saw Ltd began the week with a modest gain of 0.31%, closing at Rs.176.40 on 2 February 2026. This was notable as the Sensex declined by 1.03% to 35,814.09, reflecting a cautious market environment. The stock’s volume of 175,798 shares indicated steady investor interest. This relative resilience set the stage for the strong momentum that followed the next day.
3 February 2026: Gap Up and Intraday Surge Signal Strong Momentum
On 3 February, Jindal Saw Ltd exhibited a powerful gap up at the opening bell, surging 6.92% to Rs.188.00 and reaching an intraday high of Rs.189.35, a 7.34% increase from the previous close. The stock closed with a 7.03% gain, significantly outperforming the Sensex’s 2.63% rise and the Iron & Steel Products sector’s 2.27% advance. This strong performance was supported by a volume of 185,620 shares, underscoring robust buying interest.
Technically, the stock traded above its 5-day, 20-day, 50-day, and 100-day moving averages, signalling short to medium-term bullish momentum. However, it remained below the 200-day moving average, indicating potential resistance ahead. The stock’s adjusted beta of 1.71 highlights its higher volatility relative to the broader market, consistent with the sharp price movements observed.
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4 February 2026: Consolidation on Lower Volume
The stock saw a marginal increase of 0.16% to close at Rs.188.30 on 4 February, with volume declining to 82,219 shares. The Sensex gained 0.37% that day, closing at 36,890.21. This slight advance suggested a consolidation phase following the previous day’s sharp rally, with investors possibly awaiting further cues before committing additional capital.
5 February 2026: Profit Taking Leads to Pullback
Profit booking emerged on 5 February, with Jindal Saw Ltd retreating 1.83% to Rs.184.85 amid a broader market decline of 0.53% in the Sensex. The volume increased moderately to 95,709 shares, indicating active trading during the pullback. This correction was in line with the stock’s high beta nature and the resistance posed by the 200-day moving average, which has historically acted as a ceiling for price advances.
6 February 2026: Recovery and Weekly Close Near Highs
Jindal Saw Ltd rebounded on the final trading day of the week, gaining 1.60% to close at Rs.187.80 on 6 February. The Sensex edged up 0.10% to 36,730.20, reflecting a cautious but positive market tone. The stock’s volume surged to 193,452 shares, signalling renewed buying interest and a strong finish to the week. This recovery helped the stock close near its weekly high, underscoring sustained investor confidence despite intermittent volatility.
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Daily Price Comparison: Jindal Saw Ltd vs Sensex
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-02-02 | Rs.176.40 | +0.31% | 35,814.09 | -1.03% |
| 2026-02-03 | Rs.188.00 | +6.58% | 36,755.96 | +2.63% |
| 2026-02-04 | Rs.188.30 | +0.16% | 36,890.21 | +0.37% |
| 2026-02-05 | Rs.184.85 | -1.83% | 36,695.11 | -0.53% |
| 2026-02-06 | Rs.187.80 | +1.60% | 36,730.20 | +0.10% |
Key Takeaways
Outperformance and Momentum: Jindal Saw Ltd outpaced the Sensex by 5.29% over the week, driven primarily by the strong gap up and intraday surge on 3 February. The stock’s ability to maintain gains above key short-term moving averages indicates positive momentum in the near term.
Volatility and Resistance: The stock’s high beta of 1.71 contributed to notable price swings, including a pullback on 5 February. Resistance near the 200-day moving average remains a key technical hurdle, suggesting potential for consolidation or retracement.
Volume Trends: Volume spikes on 3 and 6 February accompanied significant price moves, reflecting active investor participation. Lower volumes on 4 February corresponded with a consolidation phase.
Rating and Sentiment: Despite the recent upgrade from ‘Strong Sell’ to ‘Sell’ by MarketsMOJO, the Mojo Score of 37.0 indicates a cautious outlook. The stock’s recent price action suggests a phase of recovery within a mixed fundamental environment.
Conclusion
Jindal Saw Ltd’s 6.80% weekly gain highlights a period of strong short-term momentum supported by positive market sentiment and sectoral strength. The significant gap up and intraday high on 3 February were pivotal in driving the rally, with the stock outperforming both its sector and the broader Sensex index. While technical indicators signal bullish momentum in the short to medium term, the presence of resistance near the 200-day moving average and the stock’s elevated volatility warrant cautious monitoring. The recent upgrade in Mojo Grade to ‘Sell’ from ‘Strong Sell’ aligns with the observed improvement, suggesting a tentative recovery phase amid ongoing market uncertainties.
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