Jio Financial shares: On Wednesday, shares of Jio Financial Services Ltd experienced a 5 percent decline, reaching a low of Rs 335.65. This marks a 10.37 percent decrease from its peak of Rs 374.50, which was observed on March 12th last week.
In a recent filing with the exchange, the company announced that it has subscribed to 4 crore equity shares, valued at Rs 10 each, of its wholly-owned subsidiary, Jio Leasing Services Ltd. This investment, totaling Rs 40 crore, was made in cash at par and is intended to serve the business purposes of the company.
Jio Financial is a stock that has caught many on D-Street by surprise. A compelling narrative is unfolding in the NBFC sector. We are actively covering this stock,” stated Gaurang Shah, Senior VP at Geojit Financial, during an interview with Business Today TV.
Regarding the technical aspects, the stock is currently finding support around the Rs 325 level, with potential resistance emerging at approximately Rs 360. A significant breakthrough beyond this level will likely determine the trajectory of the next phase of the rally.
Jio Financial shares
“The stock has experienced a notable surge recently. Intermediate support is noted around the Rs 325 mark, with a robust support level situated near Rs 305. On the upper side, Rs 360 is expected to act as an immediate obstacle, and a decisive breakthrough beyond this level will likely determine the course of the next phase of the rally within a similar timeframe,” explained Osho Krishan, Senior Research Analyst – Technical & Derivatives at Angel One.
Ravi Singh, SVP – of Retail Research at Religare Broking, suggests considering purchasing Jio Financial’s stock at the Rs 325 level, targeting a near-term upside of Rs 355. Singh advises placing a stop loss at Rs 310.
According to AR Ramachandran from Tips2trades, the stock appeared bearish based on the daily charts, indicating a significant resistance level at Rs 367. He emphasized that if the stock closes below the support level of Rs 332 daily, it could potentially target a downward movement towards Rs 305 in the near term.
Also Read: Aurobindo Pharma
On the BSE, around 41.85 lakh shares were last spotted trading today. The amount was below the two-week average volume of 54.45 lakh shares. Turnover on the counter was Rs 143.67 crore, with a market capitalization (m-cap) of Rs 2,15,598.70 crore.
Disclaimer: The information provided by Stockeasynow about the stock market is purely informative and should not be interpreted as financial advice. Before making any investing decisions, readers are advised to speak with a licensed financial advisor.
