Jio Financial shares: In Thursday’s session, shares of Jio Financial Services Ltd were trading 0.42 percent higher at Rs 362.45. Year-to-date, the stock had surged by 54.53 percent in 2024. However, despite this upward movement, it remained 8.17 percent below its record high of Rs 394.70, reached on April 23 this year.
Formerly known as Reliance Strategic Investments Ltd, the company has recently introduced its ‘JioFinance’ app, which is currently in beta mode. According to the company, this app seamlessly integrates digital banking, UPI transactions, bill settlements, and insurance advisory, and provides a consolidated view of accounts and savings, all within a user-friendly interface.
Jio Financial also stated its plans, which include expanding loan solutions, starting with Loans on mutual funds and gradually moving towards home loans, showcasing a commitment to adapting to evolving customer needs.
The non-banking financial corporation (NBFC) BlackRock Inc. and BlackRock Advisors Singapore Pte Ltd had previously reached an agreement to form a 50:50 joint venture (JV) for the establishment of a wealth management and brokerage business in India.
After the first joint venture for asset management was launched last year, this is Jio and BlackRock’s second joint venture.
In terms of technical analysis, support levels for the stock are visible at Rs 358, followed by Rs 350 and Rs 335. A decisive close above Rs 367 is necessary to signal further upside potential.
Osho Krishan, Senior Research Analyst – Technical & Derivatives at Angel One, commented, “Jio Financial witnessed a significant pullback from its all-time high of Rs 395. Despite this correction, the overall structure appears positive as it regained some lost ground. Support is expected around Rs 335, and any additional correction might attract fresh short positions towards the Rs 310-300 range in the near term. Resistance is seen at Rs 370, and a clear breakthrough above this level could revive bullish sentiment for the stock.”
Ravi Singh, Senior Vice-President of (Retail Research) at Religare Broking, stated, “The anticipated near-term target for Jio Financial is Rs 380, with a stop loss set at Rs 350.”
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Technical Research Analyst at Anand Rathi Shares and Stock Brokers – Jigar S Patel, mentioned that support is expected at Rs 358, with resistance at Rs 367. A decisive close above Rs 367 may lead to further gains towards Rs 375. For the upcoming month, the anticipated trading range is Rs 345 to Rs 390.
Technical Research Analyst at Anand Rathi Shares and Stock Brokers- Jigar S Patel, Senior Manager
As of March 2024, promoters held a 47.12 percent stake in the NBFC
