JSL-promoters are showing lot of confidence !

This chart represents the weekly price action of Jindal Stainless Ltd. (NSE) with an Elliott Wave analysis and Fibonacci retracement levels. Here's a summary of the key observations:

Technical Analysis Summary:
Elliott Wave Structure:

The stock appears to be in a corrective Wave 4 after completing an impulsive Wave 3.
A potential Wave 5 uptrend is anticipated, as per the Elliott Wave structure.
Fibonacci Retracement Levels:

The price has retraced close to the 0.5 Fibonacci level (465.85), which is a strong support zone.
The 0.382 level (553.40) is also a critical resistance, which the price is testing.
RSI Analysis (Relative Strength Index):

RSI is at 40.26, indicating that the stock is approaching the oversold region.
The RSI moving average (44.12) is slightly above the RSI value, suggesting weak momentum.
Support & Resistance:

Support levels: ~465.85 and ~549.90.
Resistance levels: Previous high near 848.00.
Possible Future Movement:

If Wave 4 completes, a bullish reversal for Wave 5 could take the stock higher.
A further breakdown below 465.85 might invalidate the bullish scenario.


Conclusion:
The stock is in a correction phase, but signs of reversal are emerging.
Watch for price action near the 549.90 support zone and RSI movement above 50 for confirmation of bullish momentum.
If bullish Wave 5 starts, the stock may target new highs.