Jio Financial shares hit fresh all-time high, up 59% in 2024 so far; here's what analysts say

Shares of Jio Financial Services Ltd rose 1.51 per cent to hit their new record high level of Rs 378.70 in Monday's trade. The stock was last seen trading 0.21 per cent lower at Rs 372.25. At this price, it has gained 58.67 per cent on a year-to-date (YTD) basis.

Analysts largely suggested that the counter is in a secular uptrend. Immediate support will be at Rs 350.

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Jio Financial is in a secular uptrend, hovering in the cycle of higher highs – higher lows. The counter has clocked new lifetime highs. Immediate support lies around Rs 350, breaching which a bout of profit booking could be seen towards the Rs 330-320 zone. The scrip is in the overbought zone. So, it is advisable to avoid complacency and trail profits around the mentioned zone."

Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "The stock can continue its the upward move with near-term target visible till Rs 387 level. If the strength sustains, it can achieve a target of Rs 408. Major support from current rate would be at around Rs 352."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 350 and resistance at Rs 393. A decisive close above Rs 393 may trigger a further upside till Rs 432. The expected trading range will be between Rs 350 and Rs 435 for a month."

On BSE, around 11.87 lakh shares were changing hands today at the time of writing this story. The figure was lower than the two-week average volume of 27.98 lakh shares.

Turnover on the counter came at Rs 44.35 crore, commanding a market capitalisation (m-cap) of Rs 2,36,501 crore. There were 3,23,593 sell orders against buy orders of 2,45,704 shares.

The counter's 14-day relative strength index (RSI) came at 70.28. A level below 30 is defined as oversold while a value above 70 is considered overbought.