🧲 JSL Approaches Major Resistance — Will It Break ₹733?

After months of sideways grind, Jindal Stainless is once again testing the critical ₹733 zone. With improving structure and rising volume, a breakout could trigger the next leg higher in this stainless steel leader. 🔍 Technical + Fundamental Analysis 🔹 Elliott Wave Perspective The corrective wave appears to be done, with a base forming around ₹600–₹640. Current rally could be part of Wave 3 of a new impulse, supported by broad metal sector strength. 🔹 MACD Signal Weekly MACD has crossed above the signal line, with no bearish divergence—momentum is supportive. Histogram turning green — suggesting a return of strength. 🔹 AVWAP Analysis Price is holding above a long-term AVWAP support (around ₹500), which acted as a key base in the previous correction. Resistance zone around ₹733 is crucial — a weekly close above it could unlock fresh upside levels. 💼 Fundamental Edge India’s stainless steel demand is on the rise, and JSL is one of the largest producers with diversified end-user exposure. Strong ROCE and cash flows, reduced debt in recent quarters, and export-linked earnings add a macro tailwind. Government infra push could further benefit stainless applications. ✅ Conclusion Jindal Stainless is coiling below a multi-month resistance with improving momentum and strong AVWAP support. A breakout above ₹733 could trigger significant upside continuation. Keep this on your radar.