Jio Financial shares rise 3%; can stock revisit all-time high levels?

Shares of Jio Financial Services Ltd were trading higher in Wednesday's deals. The scrip climbed 2.66 per cent to hit a day high of Rs 355.50. At this price, the stock was down 5.07 per cent from its record high value of Rs 374.50, a level seen earlier this month on March 12.

On technical setup, support on the counter could be seen at Rs 337. And, a decisive close above Rs 370 is required for further upside.

"There's a lot of potential in the stock. It looks like a multibagger and we have a coverage on it," Gaurang Shah, Senior VP at Geojit Financial, told Business Today TV.

"Jio Financial looks slightly bullish on daily charts with strong support at Rs 337. A daily close above resistance of Rs 370 could lead to an upside target of Rs 410 in the near term," said AR Ramachandran from Tips2trades.

"The stock can hit Rs 380 level in the near term. Keep stop loss placed at Rs 345," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.

"Support will be at Rs 337 and resistance at Rs 365. A decisive close above Rs 365 level may trigger a further upside till Rs 380. Expected trading range will be between Rs 330 and Rs 390 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.

The company recently said it has subscribed to 4 crore equity shares of its wholly-owned subsidiary Jio Leasing Services Ltd, for cash at par, aggregating Rs 40 crore for its business purposes.

On BSE, around 16.05 lakh shares were last seen changing hands today. The figure was lower than the two-week average volume of 40.81 lakh shares. Turnover on the counter came at Rs 56.58 crore, commanding a market capitalisation (m-cap) of Rs 2,24,747.43 crore.