Jio Financial Services shares fell to a low of 234 last month but quickly rebounded in price in February. JIOFIN surged 8% in the last seven days and is attracting heavy bullish sentiments in the indices. Investors who brought the dip last month made decent profits in just a week in the Mukesh Ambani-led firm. On Wednesday alone, it spiked 3% in the day’s trade and is up close to 1% on Thursday’s opening bell.
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Analyst Gives Jio Financial Share ‘Buy Call’: Target 305 With 25% Profit
Financial analysts from leading brokerage firm Anand Rathi gave Jio Financial Services a ‘buy call’ this week. The call indicates that JIOFIN could have bottomed out at the 230 level and is gearing up for an upward swing. The brokerage firm recommended users accumulate the shares at the 230 to 240 level and hold on.
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Anand Rathi has given Jio Financial Services shares a price target of 305. If the stock dips to 240, that’s an upward swing of nearly 25%. Therefore, an investment of Rs 1,00,000 in JIOFIN could turn into Rs 1,25,000 if Anand Rathi’s prediction is accurate.
“Jio Financial Services shares are showing signs of bottoming near a strong previous support level. Additionally, a bullish RSI divergence is visible on the chart, indicating a potential reversal. Considering these technical factors, we recommend going long in the ₹230 – 240 zone. The upside target is set at ₹305, while the stop-loss should be placed at ₹199 on a daily closing basis,” leading brokerage firm Anand Rathi said to Mint.
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“Traders should monitor price action and volume confirmation for additional conviction before entering the trade,” it said. In conclusion, Jio Financial Services shares have a price target of 305 with a 25% upswing but a stop-loss needs to be strictly put at Rs 199.