Shares of Jio Financial Services Ltd were trading 0.42 per cent higher at Rs 362.45 in Thursday's session. At this price, the stock was up 54.53 per cent in 2024 so far. Despite the mentioned uptick, it was down 8.17 per cent from its record high of Rs 394.70, a level seen on April 23 this year.
The company, formerly known as Reliance Strategic Investments Ltd, has recently launched its 'JioFinance' app (in βeta mode). "This app seamlessly integrates digital banking, UPI transactions, bill settlements, insurance advisory, and offers a consolidated view of accounts and savings, all in one user-friendly interface," it stated.
Future plans include expanding loan solutions, starting with Loans on mutual funds and progressing to home loans, demonstrating a commitment to evolving customer needs, Jio Financial further said.
Prior to this, the non-banking financial company (NBFC) has signed an agreement with BlackRock Inc and BlackRock Advisors Singapore Pte Ltd to form a 50:50 joint venture (JV) for setting up a wealth management and broking business in India.
This was Jio and BlackRock's second JV. The duo had launched an asset management venture last year.
On technical setup, support on the counter could be seen at Rs 358, followed by Rs 350 and Rs 335 levels. And, a decisive close above Rs 367 is required for further upside.
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Jio Financial has seen a decent correction from its lifetime high of Rs 395. The broader structure remains buoyant as it recouped some of its lost grounds. Rs 335 is likely to cushion any blip, while a further correction could attract fresh shorts in the counter towards the Rs 310-300 zone on an immediate basis. On the higher end, Rs 370 may act as resistance, and a decisive breakthrough could only bring the mojo back to the counter."
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, "Expected near-term target for Jio Financial will be Rs 380. Keep stop loss placed at Rs 350."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 358 and resistance at Rs 367. A decisive close above Rs 367 level may trigger a further upside towards Rs 375. The expected trading range will be between Rs 345 and Rs 390 for a month."
As of March 2024, promoters held a 47.12 per cent stake in the NBFC.