Jio Financial shares slip 10% from record high; is it time to accumulate or wait for more dip?
Jio Financial share price: The stock fell 5 per cent in Wednesday's trade to hit a low value of Rs 335.65. At this price, the stock has declined 10.37 per cent from its all-time high of Rs 374.50, a level seen on last week on March 12.
- Mar 20, 2024,
- Updated Mar 20, 2024, 07:50 PM IST
Shares of Jio Financial Services Ltd fell 5 per cent in Wednesday's trade to hit a low value of Rs 335.65. At this price, the stock has declined 10.37 per cent from its all-time high of Rs 374.50, a level seen last week on March 12.
The company, in a recent exchange filing, said, "It has subscribed to 4 crore equity shares of Rs 10 each of its wholly-owned subsidiary Jio Leasing Services Ltd, for cash at par, aggregating Rs 40 crore for its business purposes."
"Jio Financial is one stock that has surprised a lot of people on D-Street. There's is going to be a great story that is unfolding in the NBFC. We have a coverage on the stock," Gaurang Shah, Senior VP at Geojit Financial, told Business Today TV.
On the technical front, immediate support on the counter could seen at Rs 325 level. Resistance may be found around the Rs 360 zone. And, a decisive breach above the said level can only dictate the next leg of rally.
"The stock has seen a strong upsurge in the recent past. The intermediate support lies around Rs 325 level, followed by a strong support near the Rs 305 zone. On the higher end, Rs 360 is likely to be seen as an immediate hurdle and an authoritative surpass could only dictate the next leg of rally in the comparable period," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
One should consider buying Jio Financial's stock at Rs 325 level for a near-term upside target of Rs 355, said Ravi Singh, SVP - Retail Research at Religare Broking. Keep stop loss placed at Rs 310, Singh added.
The counter looked bearish on daily charts with strong resistance at Rs 367, said AR Ramachandran from Tips2trades. "A daily close below support of Rs 332 could lead to a downward target of Rs 305 in the near term," he stated.
"Support will be at Rs 330 and resistance at Rs 360. A decisive close above Rs 360 level may trigger a further upside till Rs 375. Expected trading range will be between Rs 320 and Rs 375 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
On BSE, around 46.02 lakh shares were last seen changing hands today. The figure was lower than the two-week average volume of 54.45 lakh shares. Turnover on the counter came at Rs 157.81 crore, commanding a market capitalisation (m-cap) of Rs 2,15,503.40 crore.
Shares of Jio Financial Services Ltd fell 5 per cent in Wednesday's trade to hit a low value of Rs 335.65. At this price, the stock has declined 10.37 per cent from its all-time high of Rs 374.50, a level seen last week on March 12.
The company, in a recent exchange filing, said, "It has subscribed to 4 crore equity shares of Rs 10 each of its wholly-owned subsidiary Jio Leasing Services Ltd, for cash at par, aggregating Rs 40 crore for its business purposes."
"Jio Financial is one stock that has surprised a lot of people on D-Street. There's is going to be a great story that is unfolding in the NBFC. We have a coverage on the stock," Gaurang Shah, Senior VP at Geojit Financial, told Business Today TV.
On the technical front, immediate support on the counter could seen at Rs 325 level. Resistance may be found around the Rs 360 zone. And, a decisive breach above the said level can only dictate the next leg of rally.
"The stock has seen a strong upsurge in the recent past. The intermediate support lies around Rs 325 level, followed by a strong support near the Rs 305 zone. On the higher end, Rs 360 is likely to be seen as an immediate hurdle and an authoritative surpass could only dictate the next leg of rally in the comparable period," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
One should consider buying Jio Financial's stock at Rs 325 level for a near-term upside target of Rs 355, said Ravi Singh, SVP - Retail Research at Religare Broking. Keep stop loss placed at Rs 310, Singh added.
The counter looked bearish on daily charts with strong resistance at Rs 367, said AR Ramachandran from Tips2trades. "A daily close below support of Rs 332 could lead to a downward target of Rs 305 in the near term," he stated.
"Support will be at Rs 330 and resistance at Rs 360. A decisive close above Rs 360 level may trigger a further upside till Rs 375. Expected trading range will be between Rs 320 and Rs 375 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
On BSE, around 46.02 lakh shares were last seen changing hands today. The figure was lower than the two-week average volume of 54.45 lakh shares. Turnover on the counter came at Rs 157.81 crore, commanding a market capitalisation (m-cap) of Rs 2,15,503.40 crore.