Jio Financial Services shares jumped 11% in a month and surged in price for three consecutive trading sessions. It fell to a low of Rs 199 in early March but quickly recovered as the markets saw a brief boom. JIOFIN is currently hovering around the 259 price range and the bulls are gearing up towards pushing its price to the 300 level.
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The Mukesh Ambani-led Jio Financial Services shares had reached a high of 391 but experienced a relentless dip thereon. It is still down by nearly 15% year-to-date but financial analysts remain bullish on JIOFIN’s prospects. The long-term price prediction for the company remains sold and could be a multi-bagger by the end of the next decade.
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Jio Financial Shares Price Target 280-300
Kiran Jani, Head of Technical Research at Jainam Broking predicted that Jio Financial shares could reach Rs 280-300 level next. He stressed that accumulating JIOFIN below the 250 mark is a win for investors. However, he noted that traders need to keep a stop loss at the Rs 240 level if it fails to hold on to its resistance level.
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“Jio Financial shares have made a very decent move after bottoming out around the Rs 200 zone. So, any dip towards Rs 250 will be a good buy. Keep a strict stop loss of Rs 240, expecting upside targets of Rs 280-300 for sure,” Kiran Jani told Business Today, predicting an upward trajectory for JIOFIN, which is a Reliance Industries-backed financial entity.
Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets also predicted that Jio Financial shares could reach Rs 280-300. The majority of financial analysts are bullish on JIOFIN indicating that its long-term prospects are lucrative. The stock is receiving heightened trading activity with investors trying to make the most out of the recent price rise.