Key Events This Week
29 Dec: Sharp open interest surge amid positive momentum
30 Dec: Intraday high with 5.33% surge
31 Dec: New 52-week high at Rs.147 and technical upgrades
01 Jan: Fresh 52-week high at Rs.149.4
02 Jan: Slight correction to Rs.147.40 (-0.74%)
29 December 2025: Surge in Open Interest Signals Growing Bullish Sentiment
SAIL kicked off the week with a strong 1.40% gain to close at Rs.134.15, despite the Sensex falling 0.41%. The stock’s derivatives segment saw a sharp open interest increase of 20.56%, rising from 57,871 to 69,769 contracts. This surge, alongside a total derivatives turnover of ₹1,69,098.29 lakhs, indicated fresh long positions being established by traders. The stock outperformed its ferrous metals peers by 0.89%, trading above all key moving averages, signalling sustained bullish momentum. However, delivery volumes declined by 47.83%, suggesting short-term trading interest was stronger than long-term investor participation.
30 December 2025: Intraday High and Continued Open Interest Expansion
On 30 December, SAIL surged 5.11% to close at Rs.141.00, touching an intraday high of Rs.141.15. This marked the third consecutive session of gains, accumulating a 6.63% return over this period. The stock outperformed the Sensex, which was nearly flat, and the ferrous metals sector by 4.45%. Open interest in derivatives further expanded by 15.53% to 72,668 contracts, supported by a combined derivatives turnover of ₹2,26,762.07 lakhs. The rising delivery volume of 1.37 crore shares, up 167.84% from the five-day average, confirmed growing investor conviction. SAIL’s technical positioning remained strong, trading above all major moving averages and nearing its 52-week high of Rs.145.90.
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31 December 2025: New 52-Week Highs and Technical Upgrades
SAIL continued its strong run on 31 December, hitting a new 52-week high of Rs.147 intraday and closing at Rs.146.90, up 4.18%. The stock outperformed the Sensex, which gained 0.83%, and the ferrous metals sector, which rose 2.86%. This marked the fourth consecutive day of gains, delivering a cumulative return of 9.44%. Technical indicators shifted decisively bullish, with the stock trading above all key moving averages and the MarketsMOJO rating upgraded from Sell to Hold with a Mojo Score of 65.0. The intraday high of Rs.149.05 represented a 5.71% increase from the previous close, underscoring strong buying interest. Despite some mixed oscillator signals, the overall technical momentum was positive, supported by bullish volume trends.
1 January 2026: Fresh 52-Week High at Rs.149.4 Amid Sectoral Stability
On the first trading day of 2026, SAIL reached a new 52-week high of Rs.149.4, closing at Rs.148.50 with a 1.09% gain. The stock’s five-day winning streak yielded an 11.78% total return. The broader ferrous metals sector remained stable, and the Sensex rose 0.19%, inching closer to its own 52-week high. SAIL’s technical positioning remained robust, trading above all major moving averages. The stock’s one-year return of 30.09% significantly outpaced the Sensex’s 8.76%, reflecting strong relative strength. The company’s market capitalisation grade remained at 2, consistent with its mid-cap status.
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2 January 2026: Minor Correction Amid Sustained Weekly Gains
SAIL closed the week at Rs.147.40, down 0.74% from the previous day’s close, on a volume of 1,216,016 shares. Despite this slight pullback, the stock maintained a strong weekly gain of 11.41%. The Sensex continued its upward trend, closing at 37,799.57, up 0.81% on the day and 1.35% for the week. The minor correction in SAIL’s price may reflect short-term profit-taking after a sustained rally but does not detract from the overall bullish momentum established during the week.
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2025-12-29 | Rs.134.15 | +1.40% | 37,140.23 | -0.41% |
| 2025-12-30 | Rs.141.00 | +5.11% | 37,135.83 | -0.01% |
| 2025-12-31 | Rs.146.90 | +4.18% | 37,443.41 | +0.83% |
| 2026-01-01 | Rs.148.50 | +1.09% | 37,497.10 | +0.14% |
| 2026-01-02 | Rs.147.40 | -0.74% | 37,799.57 | +0.81% |
Key Takeaways from the Week
Strong Relative Performance: SAIL’s 11.41% weekly gain far exceeded the Sensex’s 1.35%, highlighting the stock’s leadership within the ferrous metals sector.
Derivatives Market Activity: Consecutive days of sharp open interest increases and high derivatives turnover signalled growing bullish positioning among traders.
Technical Momentum: The stock consistently traded above all major moving averages, with multiple new 52-week highs reinforcing a sustained uptrend.
Rating Upgrade: MarketsMOJO upgraded SAIL’s rating from Sell to Hold with a Mojo Score of 65.0, reflecting improved fundamentals and technical strength.
Cautionary Signals: A decline in delivery volumes early in the week and mixed oscillator readings suggest some short-term profit-taking and consolidation risks.
Conclusion
Steel Authority Of India Ltd’s performance over the week ending 2 January 2026 was marked by robust gains, strong technical signals, and heightened derivatives market activity. The stock’s ability to outperform the Sensex and its sector peers, coupled with multiple new 52-week highs, underscores a bullish market sentiment. The upgrade in its Mojo Grade to Hold further validates the positive momentum. While minor corrections and mixed technical oscillators advise some caution, the overall trend remains constructive. Investors and traders should monitor volume and open interest trends closely for confirmation of sustained strength or signs of consolidation in the near term.
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