Jio Financial Services Share Price Closes Positive; Major Support at Rs 198
Jio Financial Services share price closed 1.04 percent higher on Tuesday. The stock has witnessed nearly 37 percent decline over the last six months and recently touched 52-week lows below Rs 200. The stock has witnessed a relief rally from lows seen earlier this month and we could see sustained buying in Jio Financial Services if market sentiment improves. Over the past 52 weeks, the stock has fluctuated between a high of Rs. 394.70 and a low of Rs. 198.65. Technical analysis indicates potential bullish trend for the stock.
Stock Performance Overview
| Metric | Value |
|---|---|
| Open | Rs. 214.70 |
| High | Rs. 218.99 |
| Low | Rs. 213.01 |
| Close | Rs. 216.50 |
| Market Capitalization | Rs. 1.38T |
| P/E Ratio | 86.37 |
| 52-Week High | Rs. 394.70 |
| 52-Week Low | Rs. 198.65 |
Technical Analysis
Candlestick Patterns:
The daily candlestick chart for JFS reveals the formation of a bullish engulfing pattern, indicating potential bullish momentum. The subsequent trading sessions have shown higher lows, reinforcing this positive sentiment.
Fibonacci Retracement Levels:
Applying Fibonacci retracement from the 52-week high (Rs. 394.70) to the 52-week low (Rs. 198.65) yields the following key levels:
| Fibonacci Level | Price (Rs.) |
|---|---|
| 23.6% Retracement | 243.50 |
| 38.2% Retracement | 276.60 |
| 50.0% Retracement | 296.70 |
| 61.8% Retracement | 316.80 |
The current trading price of Rs. 216.50 positions the stock below the 23.6% retracement level, indicating potential resistance as it approaches Rs. 243.50.
Support and Resistance Levels:
Identifying critical support and resistance levels:
| Type | Price (Rs.) |
|---|---|
| Immediate Support | 210.00 |
| Immediate Resistance | 225.00 |
| Secondary Resistance | 243.50 (aligned with the 23.6% Fibonacci retracement) |
A sustained move above Rs. 225.00 could signal further upside potential, targeting the Rs. 243.50 level. Conversely, a decline below Rs. 210.00 may lead to additional downside risk.
Conclusion
Jio Financial Services stands at a pivotal juncture, with technical indicators suggesting potential bullish momentum. However, investors should remain cognizant of the high P/E ratio and the competitive landscape. Strategic positioning and continuous innovation will be crucial for JFS to capitalize on growth opportunities and navigate the evolving financial services sector effectively.
