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JSW Infrastructure Ltd : One of the Best IPO Listing in 2023

JSW Infra

JSW Infrastructure Ltd ( An IPO Stock)

Introduction of JSW Infrastructure Ltd

JSW Infrastructure Ltd. is a construction company. It develops shipyards, airports, townships, roads, rail connectivity, inland waterways, water treatment plants and other infrastructural facilities etc. On September 25, 2023, JSW Infrastructure IPO bidding started and it ended on September 27, 2023. After the finalization of IPO allotment, it got listed on BSE, NSE on October 3, 2023. The JSW Infra share price band is set at 113-119 per share with the lot size of 126 shares.

Present Price Pattern

On 3rd October, 2023, JSW Infrastructure Ltd. open at the price of 143 with positive vibes on NSC despite Nifty 50 downside move. This latest IPO (ipo Initial Public Offering) stock rose up significantly on the first day and went to 157.30, which is about 10% from the opening. On the first day, by forming a strong Bullish Hammer candle it proved the activity of strong buyers.

From October to till now, this stock gave notable returns to their investors. The JSW Infra share price rose up nearly 75 % within 2 and a half months. The 8 green candle on the weekly chart shows the strength of bulls, over the bears. The strong impulsive move after small retracement on the weekly chart shows the prominent health of this stock. It is healthy as the first retracement happen from the high of 183.30 and retrace 0.5 %.

The second impulsive move corrected from the high of 220 and retrace 0.23 %. The stock, each time pushes higher and retrace less indicates that the buyer is willing to purchase the stock at higher prices. It is notable and preferred as the best stock among recent IPOS.

On the daily chart it also looks impressive. The classic formation of Higher-High and Higher-Low till now is clearly visible on the chart. But one big question that haunts traders specially on this stock, that is “After the significant rise, is there any chance of downfall in the JSW Infra share price?”. The answer is ‘the chances are very high’. The trendline that arise from the lower level still far from the present price and it places near about 205 to 215 level. According to retracement theory downfall of 15-16% from the recent high is very much possible and normal. The 15-16% retracement from the level of 247, will complete the 0.38 % retracement of entire move.

But if we look closely on the lower timeframe i.c 15 mint chart, a clear Triangle pattern is forming and breakout from the either side will lead to speedy movement on the short-term period. After the proper breakout above 236, will push the stock further upside and the successful breakdown below 224, will push the stock further downside. In the short-term period 220, 215 and 210 will act as a strong resistance for the stock.

In the long-term perspective, the stock remains bullish enough as of now. According to technical analysis, no significant price pattern is visible for the downside movement.  Bulls are still holding the grip in this new IPO stock.

 

 

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