In Monday's trading, shares of Jio Financial Services Ltd increased 1.51 percent to reach Rs 378.70, a new record high. The stock was last observed trading at Rs 372.25, down 0.21 percent. At current pricing, year-to-date (YTD), it has increased by 58.67%. The consensus among analysts was that the counter is in a secular upswing. The cost of immediate assistance is Rs 350.
"Jio Financial is in a secular uptrend, hovering in the cycle of higher highs – higher lows," stated Osho Krishan, Senior Research Analyst – Technical & Derivatives at Angel One. A new lifetime high has been reached by the counter. The immediate support is located at approximately Rs 350; if this is broken, there may be some profit-booking around the Rs 330–320 range. The stock is now overbought. Thus, it is best to stay out of complacency and follow gains in the indicated area."
Prabhudas Lilladher's Shiju Koothupalakkal, a technical research analyst, stated: "The stock can continue its upward trend with a near-term target visible till Rs 387 level." It can reach the goal of Rs 408 if the strength holds. The present rate would provide significant support around about Rs 352.
Anand Rathi Shares and Stock Brokers' Senior Manager-Technical Research Analyst, Jigar S. Patel, stated: "Rs 350 and 393 will be the resistance and support levels, respectively. A strong closing over Rs 393 might lead to more gains up to Rs 432. For a month, the anticipated trading range is between Rs 350 and Rs 435. Approximately 11.87 lakh shares were traded on the BSE at the time this item was written. The amount was less than the 27.98 lakh share two-week average.
With a market capitalization (m-cap) of Rs 2,36,501 crore, the counter had turnover of Rs 44.35 crore. 2,45,704 shares were the subject of purchase orders, with 3,23,593 sell orders. The relative strength index (RSI) for the counter after 14 days was 70.28. Oversold is defined as a level below 30, while overbought is defined as a number beyond 70.
