Key Events This Week
5 Jan: Stock opens at Rs.1,186.30 with a 0.51% gain despite Sensex decline
6 Jan: Price dips 0.81% amid broader market weakness
7 Jan: JSW Steel upgraded to Buy; stock rises 1.10% to Rs.1,189.70
8 Jan: Sharp decline of 2.89% following upgrade day gains
9 Jan: Mild recovery of 0.35% amid mixed technical signals
5 January 2026: Positive Start Despite Market Weakness
JSW Steel began the week on a positive note, closing at Rs.1,186.30, up 0.51% from the previous Friday’s close of Rs.1,180.25. This gain was notable as the Sensex declined 0.18% to 37,730.95, indicating relative strength in the stock. The volume was moderate at 24,986 shares, suggesting steady investor interest amid a cautious market environment.
6 January 2026: Profit Taking Amid Broader Market Decline
The stock reversed course on 6 January, falling 0.81% to Rs.1,176.75 as the Sensex also declined by 0.19% to 37,657.70. The volume nearly doubled to 45,562 shares, signalling increased selling pressure. This dip aligned with a broader market pullback, reflecting cautious sentiment ahead of the company’s rating update.
7 January 2026: Upgrade to Buy Spurs 1.10% Rally
On 7 January, JSW Steel was upgraded from 'Hold' to 'Buy' by MarketsMOJO, citing strong financials and bullish technical indicators. The stock responded positively, gaining 1.10% to close at Rs.1,189.70, its weekly high. Trading volume remained robust at 39,762 shares. The upgrade was supported by the company’s highest quarterly net sales of ₹45,152 crore and a 29.2% increase in profit before tax excluding other income, underscoring operational strength and market leadership.
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8 January 2026: Sharp Correction Amid Market Sell-Off
Following the upgrade-fuelled rally, JSW Steel experienced a sharp decline of 2.89% on 8 January, closing at Rs.1,155.35. This drop was more pronounced than the Sensex’s 1.41% fall to 37,137.33, reflecting profit booking and broader market weakness. Volume surged to 47,381 shares, indicating active trading and heightened volatility. Despite the setback, the stock remained well above its 52-week low of Rs.879.60, maintaining a strong relative position.
9 January 2026: Mild Recovery Amid Mixed Technical Signals
On the final trading day of the week, JSW Steel edged up 0.35% to Rs.1,159.35 on lower volume of 21,903 shares. The Sensex continued its downward trajectory, falling 0.89% to 36,807.62. Technical momentum shifted from outright bullish to mildly bullish, with mixed signals from key indicators such as MACD, RSI, Bollinger Bands, and KST oscillators. While short-term indicators suggested caution, longer-term monthly trends remained positive, reflecting a consolidation phase rather than a reversal.
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-01-05 | Rs.1,186.30 | +0.51% | 37,730.95 | -0.18% |
| 2026-01-06 | Rs.1,176.75 | -0.81% | 37,657.70 | -0.19% |
| 2026-01-07 | Rs.1,189.70 | +1.10% | 37,669.63 | +0.03% |
| 2026-01-08 | Rs.1,155.35 | -2.89% | 37,137.33 | -1.41% |
| 2026-01-09 | Rs.1,159.35 | +0.35% | 36,807.62 | -0.89% |
Key Takeaways
Positive Signals: The upgrade to a 'Buy' rating on 7 January was supported by JSW Steel’s robust quarterly financials, including a 21.10% annual growth in net sales and a 29.2% increase in profit before tax excluding other income. The company’s market leadership with a ₹2,90,165 crore market cap and strong institutional ownership of 36.93% underpin confidence in its fundamentals. Technical indicators on monthly timeframes remain bullish, suggesting sustained long-term momentum.
Cautionary Notes: The stock’s price correction on 8 January and the subsequent mixed technical signals highlight short-term volatility and uncertainty. Weekly MACD and KST indicators turned mildly bearish, and the RSI remains neutral, indicating consolidation rather than clear directional strength. The broader market weakness also weighed on the stock’s performance, with the Sensex declining 2.62% over the week.
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Conclusion
JSW Steel Ltd.’s performance in the week ending 9 January 2026 reflected a complex interplay of strong fundamentals and evolving technical momentum. The MarketsMOJO upgrade to 'Buy' was well supported by the company’s impressive financial results and market leadership, which helped the stock outperform the Sensex despite a weekly decline. However, the subsequent price correction and mixed technical signals suggest a period of consolidation and caution in the near term. Investors should monitor technical developments closely while recognising the company’s solid long-term growth trajectory and attractive valuation relative to peers. Overall, JSW Steel remains a significant player in the ferrous metals sector with a cautiously optimistic outlook.
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