SAIL Nears Breakout Zone: SEBI RA Mayank Singh Chandel Sees Strong Rally Above ₹131

Steel Authority of India (SAIL) shares traded nearly 2% higher on Thursday after the company posted strong March quarter earnings (Q4 FY25). 

SEBI-registered analyst Mayank Singh Chandel believes that SAIL is starting to look strong, backed by steady results and a bullish chart setup. 

SAIL shares have risen 13% over the last month. 

On the technical charts, Chandel sees support near ₹100 to ₹104, where buyers have stepped in to prevent further declines, establishing this as a floor for the stock. 

SAIL recently broke above its falling resistance line, indicating that the downtrend seems to be over.

Also, a rounding bottom pattern has emerged, suggesting a gradual trend reversal from bearish to bullish. 

Chandel notes that the stock is trading near ₹128 to ₹131 resistance, representing a breakout zone. A decisive move above ₹131 with strong volumes can trigger a significant rally ahead. 

On the fundamentals, SAIL reported a net profit of ₹1,251 crore, marking a 11% rise year-on year (YoY). Revenues rose 4.8% to ₹29,316 crore. 

The company also declared a final dividend of ₹1.6/share, reflecting a stable performance in a challenging market. 

The management emphasized that steel demand remained stable and expressed confidence in future growth through its dividend payout.

Overall, Chandel highlights that the technical chart setup looks bullish and results are improving, driving SAIL for a potential breakout.

However, data on Stocktwits shows that retail sentiment has remained ‘bearish’ for a week. 

SAIL shares have risen 15% year-to-date (YTD). 

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