Stock name: Jio Fin Services LTD
Chart Pattern: Ascending Triangle Pattern
Time Frame: Daily
Observation:
Analyzing the JIO Fin Services chart, we see an ascending triangle pattern following its listing on 21st August 2023. The stock experienced a significant drop from the opening price of ₹262 to an all-time low of ₹202.80 before rebounding to a new high of ₹266.95 on 4th September 2023. After this peak, a downtrend persisted until 23rd October 2023. The formation of higher lows from this point, alongside consistent resistance around ₹229.35 to ₹232.95, crafted the ascending triangle.
The breakout above this resistance with a robust bullish candle and the subsequent successful retest of the resistance zone, now acting as support, suggests a potential bullish continuation. This chart pattern, coupled with the stock’s recent history, indicates that buyers are gaining strength and the stock may be poised for further upward movement.
Chart Link: – https://www.tradingview.com/x/FoDntI3N/
Consider monitoring this stock to observe subsequent price movements.
Disclaimer: The provided analysis is for educational purposes only and should not be taken as investment advice. It’s recommended to consult with a financial advisor before making any financial decisions.
News Related to JIO FIN Services LTD
Jio Financial Services Seeks SEBI’s Approval To Launch Mutual Fund Business
- Jio Financial Services (JFS), the fintech arm of Reliance Industries, has applied for a mutual fund licence from SEBI.
- JFS announced a joint venture with BlackRock, the world’s largest asset manager, in July 2023 to enter the Indian mutual fund industry.
- The joint venture, called Jio BlackRock, aims to disrupt the Indian asset management space with digital and tech-enabled solutions.
- Jio BlackRock has opted for a fresh licence rather than acquiring an existing mutual fund house, which could have been faster and easier.
- Jio BlackRock plans to invest $150 million each in the venture and leverage Jio’s massive customer base and data analytics capabilities.
