JSW Steel Consolidates Below Record HighsJSW Steel LimitedNSE:JSWSTEELyogeshwarHighlights * JSW Steel is trading around the ₹1,275–₹1,285 zone after correcting from its record high near ₹1,350. The broader structure remains bullish, although the stock is currently consolidating after its strong rally. * Immediate resistance is around ₹1,300–₹1,315. A sustained move above ₹1,315 could restart momentum towards ₹1,350. A breakout above ₹1,350 would place the stock back into price discovery, with ₹1,400 becoming the next potential target. * On the downside, ₹1,250–₹1,265 is the immediate support zone, while ₹1,210–₹1,225 remains the stronger medium-term demand area. Holding above these levels would preserve the broader higher-high and higher-low structure. * Momentum has cooled from elevated levels, which is healthy after the recent rally. The stock remains relatively close to its major moving averages, while the broader trend continues to favour buyers unless ₹1,210–₹1,225 breaks decisively. * Fundamentally, the backdrop remains supportive. Domestic steel prices have strengthened, Indian steel consumption continues to grow and JSW Steel's capacity expansion provides strong volume visibility. However, rising coking-coal costs remain an important margin risk. Takeaway JSW Steel remains structurally bullish but is currently consolidating below its ₹1,350 record high. A sustained move above ₹1,315 could push the stock towards ₹1,350, while a breakout above ₹1,350 could open the way towards ₹1,400. As long as JSW Steel holds above ₹1,250, the technical bias remains positive, with ₹1,210–₹1,225 acting as the key medium-term support zone.