Shares of SJVN Limited have experienced a downturn, slipping by 3.73% as of October 22, 2024, amid a broader market decline impacting key financial indices. This movement in SJVN’s share price reflects ongoing volatility within the market and positions the company’s performance against a backdrop of declining investor sentiment.
| Table of Contents |
|---|
| Current Performance |
| Trading Range |
| Market Indices |
| Technical Analysis |
| Pivot Analysis |
| Volume and Trend |
| Fundamental Analysis |
| Forecast and Holdings |
| Peer Performance |
| Conclusion |
Current Performance
As of October 22, 2024, at 11:02 AM IST, SJVN shares are trading at ₹114.95, which is down by 3.73% from the previous closing price. On this day, the stock opened at ₹118.15 and closed at ₹114.95.
Trading Range
During the trading session, the stock reached a high of ₹119.65 and a low of ₹113.75. The significance of this trading range is critical for market analysts as it highlights investor sentiment and potential price volatility.
Market Indices
The performance of broader market indices has also shown a decline, with the Nifty index down by 0.43% and the Sensex trading at ₹81,015.73, down by 0.17%. These index movements often correlate with individual stock performance, including that of SJVN.
Technical Analysis
SJVN’s stock is currently trading below its short-term simple moving averages (SMA) of 5, 10, and 20 days and also below its longer-term SMAs of 50, 100, and 300 days:
| Period | SMA Value |
|---|---|
| 5-day | ₹120.23 |
| 10-day | ₹120.03 |
| 20-day | ₹124.60 |
| 50-day | ₹130.68 |
| 100-day | ₹134.85 |
| 300-day | ₹127.99 |
The stock is experiencing a strong downtrend, suggesting a bearish environment around SJVN.
Pivot Analysis
In terms of support and resistance, resistance levels for SJVN are identified at ₹121.85, ₹124.41, and ₹125.83. Meanwhile, support levels are at ₹117.87, ₹116.45, and ₹113.89. These levels are crucial for traders and investors, as they indicate potential price points for entry and exit.
Volume and Trend
The volume traded on NSE and BSE for SJVN is significantly lower, with a decrease of 96.34% compared to the previous trading session. This indication of low trading volume may suggest weak investor interest and lack of confidence in the stock’s short-term outlook.
Fundamental Analysis
Key financial metrics show that the Return on Equity (ROE) for SJVN is 6.53%, and its Price-to-Earnings (P/E) ratio stands at 49.33. Understanding these metrics is important in evaluating the company’s financial health and potential for future growth.
Forecast and Holdings
Looking ahead, the median 1-year forecasted upside for SJVN shares is estimated at 13.01%, estimating a target price of ₹100.00. As for institutional investments, promoter holding is at 0.00%, mutual fund holding at 2.62% (increased from 2.37% in June), and foreign institutional investor (FII) holding at 2.39% (though slightly decreased from 2.40% in June). This increase in mutual fund holdings could signal a level of institutional interest, which may provide some support for the stock in the future.
Peer Performance
Comparatively, peers like NHPC, NLC India, and CESC are also witnessing declines, whereas Torrent Power is on the rise. This disparity highlights a broader sentiment affecting renewable energy stocks, with some players emerging stronger during market corrections.
Conclusion
In summary, SJVN shares are facing challenges amid an overall decline in market performance. The stock’s current trend below key moving average levels and the substantial drop in trading volume suggest continued weakness. However, the uptick in mutual fund holdings may indicate some potential for institutional interest moving forward.
FAQ
1. Why did SJVN shares drop today?
SJVN shares dropped due to a combination of broader market declines and the stock’s own technical weaknesses.
2. What are the resistance and support levels for SJVN?
Resistance levels for SJVN are at ₹121.85, ₹124.41, and ₹125.83, while support levels are at ₹117.87, ₹116.45, and ₹113.89.
3. How do institutional investments affect SJVN?
Institutional investments can provide a stabilizing force for the stock’s performance and signal confidence from larger entities in the market.
