Jio Financial Services Ltd - Breakout Opportunity
Date: 2-Sep-2024
LTP: Rs. 344.90
Resistance Level/s: (R1) Rs. 368 --> (R2) Rs. 394 --> (R3) Rs. 447
Support Level/s: (S1) Rs. 310 --> (S2) Rs. 295.70
Technical View:
•
JIOFIN is in strong uptrend since Nov-2023. It was recently going through it's secondary downtrend within primary uptrend.
• After touching the high of 394.70 on 23-Apr-2024, it has retraced 21% to 310 level.
• On 2-Sep-2024,JIOFIN has broke out from it's secondary downtrend with higher than average volume.
•JIOFIN has managed to close above 20 DMA and 50 DMA on 2-Sep-2024.
• RSI has entered buy zone and trading at 61.42.
• Both RSI and MACD are showing positive divergence on daily chart.
• Looking good to start a new swing from here.
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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. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
LTP: Rs. 344.90
Resistance Level/s: (R1) Rs. 368 --> (R2) Rs. 394 --> (R3) Rs. 447
Support Level/s: (S1) Rs. 310 --> (S2) Rs. 295.70
Technical View:
•
JIOFIN is in strong uptrend since Nov-2023. It was recently going through it's secondary downtrend within primary uptrend.• After touching the high of 394.70 on 23-Apr-2024, it has retraced 21% to 310 level.
• On 2-Sep-2024,
JIOFIN has broke out from it's secondary downtrend with higher than average volume.•
JIOFIN has managed to close above 20 DMA and 50 DMA on 2-Sep-2024.• RSI has entered buy zone and trading at 61.42.
• Both RSI and MACD are showing positive divergence on daily chart.
• Looking good to start a new swing from here.
Like the analysis? Boost/Like this idea and follow my ID.
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. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
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