Jio Financial Services (JIOFIN) jumped over 3.5% on Monday, climbing to ₹304.25, after the company announced key leadership hires for its mutual fund joint venture with BlackRock. The development adds fresh momentum to the stock, which has now rallied over 30% in just two months, reclaiming its pre-correction range.
The company also launched a new website for the Jio-BlackRock AMC, signalling that operational groundwork for product launches is complete. Traders took that as a go-ahead, and the price exploded past the ₹300 mark for the first time since December.
Jio Finance Chart Analysis: ₹321 is the Next Big Test
Jio Financial broke above the ₹298.20 resistance this morning, confirming a fresh breakout on the daily chart. That opens up the path toward ₹321.60, which marked the top of its range back in March. With no nearby supply zones, bulls have a clean setup to push higher, provided volume holds.
- Immediate resistance: ₹321.60
- Next breakout zone: ₹347.65
- Support now flips to: ₹298.20, then ₹281.30
- Upside from April low: over 30%
Price has printed higher highs for five straight weeks, with no major distribution visible. That trend remains in play unless the stock slips below ₹298.
What’s Driving the Rally?
The joint venture between Jio and BlackRock, first announced last year, is now entering execution mode. With a new CEO and digital rollout in progress, expectations are building around how quickly the AMC can start gathering assets and leveraging Reliance’s ecosystem.
The news comes just days after the RBI’s dovish tone lifted financial stocks across the board. Add to that the under-owned nature of Jio Financial in mutual fund portfolios, and you’ve got a strong rotational setup that’s now playing out on the charts.
Final Word: Jio Finance Bulls Target ₹321.60, But Watch ₹298
If momentum continues, ₹321.60 could get tagged as early as this week. That would break the neckline from March and put ₹347.65 back in play. But if buyers fumble around ₹310–₹315, a short-term pullback to ₹298.20 can’t be ruled out.
So far, though, the momentum is clean, the narrative is intact, and the bulls are in full control.