Jio Financial shares climb 6% in 2 days as JioBlackRock JV gets nod for MF biz; what's next?

Shares of Jio Financial Services Ltd (JFSL) climbed 2.64 per cent in Wednesday's trade to hit a high of Rs 299.20. At this price, the stock has moved up 6.19 per cent in just two trading days.

The uptick follows capital market regulator Sebi's approval for JioBlackRock Asset Management Pvt Ltd — a 50:50 joint venture (JV) between JFSL and BlackRock Inc — to start mutual fund (MF) operations in India.

JioBlackRock plans to leverage the unique strengths of its two sponsors — JFSL's digital infrastructure, deep knowledge of the Indian market and BlackRock's global investment expertise, along with its industry-leading risk management platform, Aladdin.

According to the company, key differentiators will include transparent and competitive pricing, innovative product offerings, and the application of BlackRock's proprietary risk management technologies to ensure robust portfolio construction and performance tracking.

"We maintain a positive view on Jio Financial shares with a long-term target price of around Rs 350," Gaurang Shah, Senior VP, Geojit Financial, told Business Today. "Rs 210 level is a strong floor (support) for Jio Financial and the stock even came to this in April and now it is approaching Rs 300. Market gives you the opportunity and it is up to you whether you take it or not," he mentioned.

On technical setup, immediate support for the counter could be seen in the Rs 290-270 range while resistance may be found in the Rs 300-310 range.

"Jio Financial has seen a vertical move post surpassing the Rs 230 breakout zone. The counter has entered the overbought zone and the possibility of profit booking should not be ruled out. Rs 275-270 is likely to act as a support zone and 300-310 is likely to pose an intermediate hurdle in the near period," said Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One.

Jio Financial looked bullish but also overbought on daily charts with the next resistance at Rs 304, Sebi-registered independent research analyst AR Ramachandran suggested, adding that investors should be booking profits as a close below support of Rs 290 could lead to a downward target of Rs 271 in the near term.

Promoters held a 47.12 per cent stake in the Reliance Industries Ltd (RIL)-backed entity as of March 2025.