Jio Financial Services Ltd witnessed a significant decline in its shares during Monday’s trading session. The stock experienced a sharp slump of 5.73 percent, reaching a daily low of Rs 351. This marks a 7.32 percent drop from its recent all-time high of Rs 378.70, which was recorded earlier this month on April 8th.
Technical analysts have predominantly indicated a ‘bearish’ outlook for the stock in the short term. They suggest that support may be found in the range of Rs 340-335.
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, commented, “The stock appears weak based on daily charts and may potentially reach the Rs 335 level in the short term. Investors could consider reentering with a ‘Buy’ position in the mentioned lower range, targeting an upside of Rs 370.”
According to Osho Krishan, Senior Research Analyst – Technical & Derivatives at Angel One, Jio Financial’s stock is currently experiencing a consistent upward trend. Nevertheless, there are indications of an initial phase of profit booking or correction. Immediate support is anticipated within the Rs 340-335 range. It is recommended to adopt a practical approach following the impressive performance of the stock.
AR Ramachandran from Tips2trades expressed that the stock appears bearish on daily charts, encountering significant resistance at Rs 379. He suggested that a daily close below Rs 353 might prompt a descent towards around Rs 318 in the short run.
Today, the stock experienced substantial trading volume on BSE, with approximately 63.38 lakh shares being exchanged. This figure significantly exceeded the two-week average volume of 26.13 lakh shares. The turnover for the stock reached Rs 226.01 crore, contributing to a market capitalization (m-cap) of Rs 2,25,001.56 crore.
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By December 2023, promoters maintained a 47.12 percent stake in the non-banking finance company (NBFC). Jio Financial is set to announce its quarterly earnings on April 19, 2024.
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