Jio Financial Services Ltd's shares rose sharply during Monday's last trading session. The stock rose 8.53 percent, reaching an intraday high of Rs 349.20. It subsequently finished 7.12 percent higher at Rs 344.65. At current pricing, it has increased 35.98% in a year.
The stock had strong trading volume on the BSE today, with over 66.09 lakh shares changing hands. The amount exceeded the two-week average volume of 19.40 lakh shares. Turnover on the counter was Rs 222.14 crore, with a market capitalization (m-cap) of Rs 2,18,965.94 crore.
Analysts overwhelmingly predicted that Jio Financial's stock will reverse its trajectory following its current consolidation period. Investors might consider purchasing it at Rs 340 for possible upside goals of Rs 370-400, according to one source.
"The stock looked fantastic on the charts. It has been stabilizing inside a narrow range over the past two months. So, one may purchase at about Rs 340 levels with possible upside goals of Rs 370-400," market expert Kush Ghodasara told.
"The charts appeared appealing with high volume involvement. The stock has indicated a buy with a bullish trend reversal. We recommend purchasing it with an upside goal of 368. Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, predicted that the major support zone will be around Rs 320.
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, also stated that the stock appeared solid on daily charts. A convincing closing over Rs 350 is necessary for more gains. Support would be Rs 300," Singh stated.
"The stock is anticipated to reverse from its current consolidation period. The Rs 350-360 range is expected to function as resistance, and a strong breakout may only increase momentum," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One. Support is put around the Rs 320-310 range, he noted.
Support will be at Rs 320, with resistance at Rs 350, according to Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares & Stock Brokers. "A decisive closing over Rs 350 may spark a fresh rally above Rs 370. Patel predicted a short-term trading range of Rs 300 to Rs 370.
According to the BSE, the stock's price-to-equity (P/E) ratio is 662.06, with a price-to-book (P/B) value of 8.37. Earnings per share (EPS) was at 0.49, with a return on equity (ROE) of 1.26.
