Shares of Jio Financial Services Ltd extended their record run in Tuesday's trade. The stock jumped 5.27 per cent to hit an all-time high of Rs 374.50. It was last seen trading 3.44 per cent higher at Rs 368. At this price, the scrip has gained 35.79 per cent in a month.
Analysts largely remained positive on the counter. Support could be seen around Rs 350 level.
"There will be a plethora of advertising followed by vacating of space by Paytm. Jio Financial coming in with Blackrock as their mutual fund partner. They are going to do some kind of granular model for investing in shares, which will help them to ramp up MF distribution using their platform. This will also be a very important aspect for launching their payment wallet. The stock will continue to move up," Vinit Bolinjkar, Head of Research at Ventura Securities, told Business Today TV.
"The stock has hit a fresh all-time high after strong consolidation. A decisive breakout has happened at Rs 350 level. If the stock stays above the Rs 350 zone, then we may reach the Rs 400-odd level," said Ashish Chaturmohta, Executive Director and Fund manager at JM Financial.
"The stock is looking positive. Those holding it should continue to hold it with a a strict stop loss of Rs 348. Expected target would be Rs 391. If the said target level is crossed, then we could see Rs 400 level," said Ayush Mehta, Technical Research Analyst at Nirmal Bang.
"The counter is making higher highs and higher lows constantly. Even if price were to see a minor correction from this point, the Rs 320 to Rs 345 band will act as a support and should propel the stock higher. One can look for a long position at these levels," said Rahul Ghose, CEO, Hedged.in.
"Support will be at Rs 360 and resistance at Rs 380. A decisive close above Rs 380 level may trigger a further upside till Rs 390. Expected trading range will be between Rs 350 and Rs 400 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
On BSE, around 86.83 lakh shares changed hands today. The figure was higher than the two-week average volume of 32.77 lakh shares. Turnover on the counter came at Rs 320 crore, commanding a market capitalisation (m-cap) of Rs 2,31,259.54 crore.