Jio Financial shares are on a downward streak, closing in red for five consecutive days. It is yet to snap its losing trend, as the market remains on a slippery slope. The stock reached the 359 mark three weeks ago and was gearing up towards the 400 price range. The bearish sentiments pulled its price down, and it is now hovering at the 337 mark on Tuesday.
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Conglomerate Mukesh Ambani’s Jio Financial shares are down close to 3.5% and are expected to dip further in the charts. The dip could be seen as a buying opportunity as the stock has solid long-term potential. SEBI recently gave the green signal to tie up with the $10 trillion-dollar asset management firm BlackRock to provide mutual fund services nationwide.
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Jio Financial Shares Could Fall to 320 Price Range Next
A recent price prediction projects that Jio Financial shares are displaying weaker sentiments as they experienced a 50-day moving average crossover. The move typically indicates a potential stock decline and a high chance of not holding on to its resistance level.
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According to a recent price prediction, Jio Financial shares are expected to dip to the Rs 324 price range. That’s a downturn of another 4% from its current price of 337. The next support levels for the stock are 330 and 328. If it fails to hold on to its resistance level, it could slide to the 324 mark next.
The dip could take Jio Financial shares to their August lows, where they traded between the Rs 311 and 323 level. If the stock market fails to gain momentum, the stock might not reach the Rs 400 target by the end of 2024. However, this could be the best time to accumulate the stock, as the long-term rewards look promising.