Jio Financial share price rose in trade on Monday, June 30, taking its winning run to the fifth straight session. During this period, the Mukesh Ambani-owned stock has recorded a 13% upside. The gains follow back-to-back approvals for its various businesses, allowing Jio Financial to offer a holistic investment solutions platform.
Last Friday, Jio BlackRock Broking, a wholly-owned subsidiary of Jio BlackRock Investment Advisers, received regulatory approval from the Securities and Exchange Board of India (Sebi) to commence operations as a brokerage firm.
The broking entity’s parent company, JioBlackRock Investment Advisers, is a 50:50 joint venture between Jio Financial Services and BlackRock Inc. of the US.
The latest approval follows the regulator nod to Jio BlackRock Asset Management Pvt Ltd and Jio BlackRock Investment Advisers to commence operations, thus boosting investor confidence in the counter.
Jio Financial Services has recently infused ₹190 crore in its payments bank subsidiary. Additionally, it had acquired the entire 17.8% stake of State Bank of India in Jio Payments Bank for a consideration of ₹104.54 crore.
Jio Financial share price trend
Jio Financial share price today opened at ₹326.90 on the NSE, higher than the last closing price of ₹323.45 apiece. The NBFC stock soon rose to the day’s high of ₹331.90 apiece, recording a gain of 2.6% in intraday deals.
Jio Financial shares have had a stellar month, with a 14% upside in June. The recent rally follows a 10% rise in May, 14.5% in April and 9.5% in March.
On a year-to-date basis, the stock is up 11%.
Jio Financial shares: Technical outlook
Anshul Jain, Head of Research at Lakshmishree Investments, said Jio Finance has breached its weekly swing high of 310 and is now moving towards the next major swing high at 347, which stands as a significant resistance zone.
“The stock’s price momentum and volume action suggest this level could be tested smoothly in the near term. However, a decisive crossover and sustain above 347 look unlikely before a new base forms. Momentum traders should ideally use this resistance zone to book profits on existing longs and wait for a healthier structure to develop before re-entering for the next leg higher,” advised Jain.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
