Jio Financial Services Ltd.

Note: Publishing this 2nd idea on JIOFIN in continuation to my 1st one (link given below), to provide analysis with updated chart and targets.

Suggested on: 23-Nov-2023
Rating: Buy (Mid Term as well as Long Term Opportunity)
LTP on 23-Nov-2023: Rs. 221.90
Targets Achieved: (1) Rs. 233 --> (2) Rs. 266 --> (3) 288 --> (4) 295 --> (5) 318
Next Targets: (6) Rs. 348 --> (7) Rs. 373

Technical View:
JIOFIN is in primary uptrend since end of Oct-2023. Since then, it has seen multiple ups and downs keeping the primary uptrend intact. Recently, it touched the life time high of 348 on 26-Feb-2024. Post that it went in to minor retracement and again started showing strength in last couple of days. MACD and RSI are bullish. After every minor retracement, RSI crossover to RSI-based MA has given a bullish outcome, which has happened again on 2-Mar-2024. Also, it has given break out from its minor retracement on 1-Mar-2024. Looking good for further rally from here onwards.

Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market.

Comment:

11-Mar-2024
---------------
LTP: Rs. 355.65
6th target of Rs. 348 reached. 60% up from suggested level.
NEXT TARGET: Rs. 373

Comment:

12-Mar-2024
---------------
LTP: Rs. 361.85
7th target of Rs. 373 reached. 63% up from suggested level.
NEXT TARGET: Rs. 415

However, based on it's history, it may retrace up to 340 before starting rally again. Overall bullish view is still intact.

Trade closed: target reached:

13-Mar-2024:
Broke down the minor uptrend line. Closing the call and exiting to book profit.
Suggested at: 221.9
LTP: 328.2
Profit: 48%.