Jio Financial shares down 12% from all-time high; key technical levels to watch out for
Jio Financial shares down 12% from all-time high; key technical levels to watch out for
Shares of Jio Financial Services Ltd continued their downward move for the fifth straight session in Thursday’s trade. The stock today fell 1.76 per cent to hit a day low of Rs 349. At this price, it has declined 11.58 per cent from its record high level of Rs 394.70, a level seen last month on April 23.
On technical setup, immediate support on the counter will be at Rs 348 and a slip below the said level can bring more pain. That said, resistance could be seen at Rs 370. A decisive breach above the mentioned resistance level has potential to trigger more upside.
Osho Krishan, Senior Research Analyst – Technical & Derivatives at Angel One, said, “Jio Financial has seen a decent correction from its lifetime highs of Rs 395 level. The broader structure remains buoyant, though caution is warranted at current levels. Rs 348 is likely to cushion any blip, while a further correction could attract fresh shorts in the counter towards the Rs 340-335 zone on an immediate basis. On the higher end, Rs 370 is likely to act as a resistance and a decisive breakthrough could only bring the mojo back in the counter.”
AR Ramachandran from Tips2trades said, “Jio Financial looks bearish on daily charts with strong resistance at Rs 371. A daily close below support of Rs 348 could lead the stock to a lower level of Rs 306 in the near term.”
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said support on the counter will be at Rs 348 and resistance at Rs 370.
Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers, also echoed similar support and resistance levels. “A decisive close above Rs 370 level may trigger a further upside to Rs 400. The expected trading range will be between Rs 345 and Rs 400 for a month,” Patel stated.
On BSE, around 17.75 lakh shares were changing hands today at the time of writing this story. The figure was lower than the two-week average volume of 32.15 lakh shares.
Turnover on the counter came at Rs 62.40 crore, commanding a market capitalisation (m-cap) of Rs 2,22,333.18 crore.
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