SAIL share price drops 5% as Q3 profit declines 22%; here's what the analyst says
Steel Authority of India (SAIL) share price slumped over 5% on Tuesday's trading session after State-owned company's Q3 profit saw a 22% decline. SAIL share price today opened at ₹119 apiece on BSE.
The Steel Authority of India share price today touched an intraday low of ₹116.35 and a high of ₹120.45. SAIL share prices have seen a sharp sell-off in the last couple of weeks, and this week in the first two sessions, the prices are down more than 11%.
"Today as well, the prices are down around 4% post-result. As of now, broader markets are under pressure, so one should wait for the bearish momentum to cool down and then re-enter longs.
₹110 is the next very strong support, whereas ₹125 is resistance," advised Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One. "Exciting news! Mint is now on WhatsApp Channels
. Read more on livemint.com
