Independence Day stock pick: Sumeet Bagadia recommends Jindal Steel for over 20% returns
Sumeet Bagadia, Executive Director at Choice Broking has recommended Jindal Steel & Power shares as his stock pick for Independence Day, 15 August 2025.
Bagadia has a 'Buy' call on Jindal Steel shares for a target price of ₹ 1,160 – ₹ 1,220, implying an upside potential of up to 22% from Tuesday's closing price.
Jindal Steel share price, on the daily chart, has undergone a brief retracement followed by a consolidation phase after marking its record high. This consolidation has taken the shape of a falling trend line formation. Recently, Jindal Steel stock has given a breakout above this falling trend line and is now resuming its bullish trajectory.
'If Jindal Steel shares sustain above this breakout zone, it could move higher to retest its record high and potentially advance towards new highs in the target range of ₹ 1,160 – ₹ 1,220,' Bagadia said.
He noted that Jindal Steel stock price is comfortably trading above all its key moving averages, including short-term, medium-term, and long-term EMAs, highlighting overall trend strength. The RSI is placed at 61.55, showing a positive crossover and trending upwards, indicating rising momentum in the ongoing move.
'Based on this technical structure, we recommend initiating a buy position in Jindal Steel stock at the current market price of ₹ 1,012 and adding on dips towards ₹ 990. On the downside, ₹ 940 would act as a strong support zone, and a breach of this level could temporarily challenge the positive structure, warranting a cautious approach,' Bagadia said.
At 1:20 PM, Jindal Steel share price was trading 0.27% higher at ₹ 1,002.00 apiece on the BSE.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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