Jindal Steel Ltd Gains 5.22%: 5 Key Factors Driving the Surge

2 February 2026: Technical Momentum Shifts Amid Mixed Signals

Jindal Steel began the week with a slight decline, closing at Rs.1,124.45, down 0.55% from the previous Friday’s close of Rs.1,130.70. This dip occurred despite the Sensex falling more sharply by 1.03%, indicating relative resilience. Technical indicators showed a nuanced shift from bullish to mildly bullish momentum, with medium- and long-term MACD readings remaining positive but some oscillators like KST signalling caution. The stock traded comfortably above its 52-week low of Rs.723.95, maintaining a strong relative performance versus the broader market.

3 February 2026: New 52-Week and All-Time High at Rs.1170.65

On 3 February, Jindal Steel surged to a new 52-week and all-time high of Rs.1170.65, closing the day at Rs.1,150.25, a 2.29% gain. The stock opened with a 2.22% gap up and recorded an intraday high gain of 4.11%. This marked the second consecutive day of gains, delivering a cumulative return of 3.32%. The stock outperformed its sector, which gained 2.06%, and traded above all key moving averages, signalling sustained positive momentum. Despite the Sensex’s strong 2.63% rise, Jindal Steel’s performance stood out for its technical strength and resilience.

4 February 2026: Further 52-Week High and Open Interest Surge

Jindal Steel continued its rally on 4 February, hitting a new 52-week high of Rs.1176 and closing at Rs.1,166.35, up 1.40%. The stock outperformed its sector by 0.59% and recorded a three-day consecutive gain period with a cumulative return of 6.31%. Notably, open interest in the derivatives segment surged by 10.3%, reflecting increased market activity and bullish positioning. The stock traded above all major moving averages, reinforcing its bullish technical momentum. However, delivery volumes declined sharply, suggesting that short-term traders were driving the rally more than long-term holders.

5 February 2026: New 52-Week High at Rs.1184.95 Amid Mixed Market

Jindal Steel reached another milestone on 5 February, touching a fresh 52-week and all-time high of Rs.1184.95. The stock closed at Rs.1,177.45, up 0.95%, outperforming its sector by 0.67% despite the Sensex declining 0.59%. This marked four consecutive days of gains, with a cumulative return of 6.4%. The stock maintained its position above all key moving averages, signalling sustained bullish momentum. Over the past year, Jindal Steel delivered a remarkable 43.49% return, significantly outpacing the Sensex’s 6.40% gain. The Mojo Score stood at 58.0 with a Hold rating, upgraded from Sell in November 2025.

6 February 2026: Week Closes at Rs.1189, a Fresh 52-Week High

Jindal Steel capped the week with a new 52-week high of Rs.1189, closing at Rs.1,189.75, a 1.04% gain on the day. This marked five consecutive sessions of gains, delivering a cumulative 7.49% return. The stock outperformed its sector by 1.22% and the Sensex by 0.91% on the day. Technical indicators remained robust, with the stock trading above all major moving averages. The Mojo Score remained steady at 58.0 with a Hold rating. Over the last 12 months, the stock appreciated 47.24%, far exceeding the Sensex’s 7.00% gain, underscoring its strong market position and investor confidence.

Daily Price Comparison: Jindal Steel Ltd. vs Sensex (2-6 Feb 2026)

Key Takeaways

Strong Weekly Outperformance: Jindal Steel’s 5.22% weekly gain notably outpaced the Sensex’s 1.51%, reflecting robust demand and positive investor sentiment.

Consistent New Highs: The stock hit multiple new 52-week and all-time highs throughout the week, culminating in Rs.1189 on 6 February, signalling sustained bullish momentum.

Technical Momentum Shift: The week saw a transition from mildly bullish to bullish technical momentum, supported by MACD, moving averages, and Bollinger Bands, despite some cautionary signals from oscillators like KST.

Derivatives Market Activity: A significant 10.3% surge in open interest on 4 February indicated fresh long positions and growing market confidence, although declining delivery volumes suggested short-term trading dominance.

Sector and Market Context: Jindal Steel outperformed its ferrous metals sector peers and the broader market consistently, highlighting its leadership and resilience amid mixed market conditions.

Mojo Score and Rating Upgrade: The stock’s Mojo Score improved to 58.0 with a Hold rating, upgraded from Sell in November 2025, reflecting better fundamentals and market perception.

Long-Term Growth Trajectory: The company’s one-year return of 47.24% and ten-year return exceeding 1700% underscore its strong growth and wealth creation capabilities.

Conclusion

Jindal Steel Ltd. demonstrated a compelling performance during the week of 2 to 6 February 2026, marked by steady gains, multiple record highs, and a clear shift to bullish technical momentum. The stock’s ability to outperform both the Sensex and its sector peers amid a mixed market environment highlights its robust fundamentals and investor appeal. The surge in derivatives open interest and sustained trading above key moving averages further reinforce the positive outlook, while the upgraded Mojo rating to Hold signals improved market confidence. Investors should note the divergence in delivery volumes as a cautionary factor, but overall, Jindal Steel’s strong weekly gains and long-term growth trajectory position it as a noteworthy player in the ferrous metals industry.

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