Jio Financial shares: Jio Financial Services Ltd’s shares extended their record run in trading on Tuesday. The stock surged 5.27 percent to an all-time high of Rs 374.50. It was last seen trading 3.44% higher at Rs 368. At this price, the stock has risen 35.79 percent in one month.
Analysts mostly remained optimistic about the counter. Support could be observed around the Rs 350 mark.
There will be a ton of advertising before Paytm clears out the space. Jio Financial entering the market as a mutual fund partner of Blackrock. They plan to implement a more detailed investment model for shares, which will enable them to increase the distribution of mutual funds through their platform. This will also be a crucial component in the introduction of their payment wallet. The stock will keep rising, according to Ventura Securities Head of Research Vinit Bolinjkar, who spoke with Business Today TV.
“The stock saw robust consolidation and has now reached a new all-time high. At the Rs 350 level, there has been a clear breakout. We could hit the 400-odd mark if the stock continues to rise beyond the Rs 350 range, according to Ashish Chaturmohta, Executive Director and Fund Manager at JM Financial.
“The stock appears to be doing well. Those who are holding it ought to keep holding it with a rigorous stop loss of Rs 348. The anticipated goal is Rs 391. We might observe the Rs 400 level if the specified target level is exceeded, according to Ayush Mehta, a Technical Research Analyst at Nirmal Bang.
“The counter continuously records higher highs and lowers. The Rs 320 to Rs 345 area will serve as support and should drive the stock upward even if there is a slight drop in price from this point. This is a good time to search for a long position,” Hedged.in CEO Rahul Ghose stated.
“There would be resistance at Rs 380 and support at Rs 360. There could be more upward potential up to Rs 390 in response to a strong close over Rs 380. According to Jigar S. Patel, Senior Manager-Technical Research Analyst at Anand Rathi Shares & Stock Brokers, “the expected trading range will be between Rs 350 and Rs 400 for a month.”
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Approximately 86.83 lakh shares were traded today on the BSE. The amount exceeded the 32.77 lakh share two-week average volume. With 320 crore in turnover, the counter had a market capitalization (m-cap) of 2,31,259.54 crore.
