News

Live updates on June Fed rate decision

Published

10 months ago

13 June, 2024

Too soon to tell if Fed policy is ‘sufficiently restrictive,’ Powell says

The Federal Reserve’s restrictive stance on monetary policy is having the effect on inflation central bankers had hoped to see, Fed Chair Jerome Powell said Wednesday afternoon. But central bankers are still waiting to see sufficient progress, he added.

“The question of whether it’s sufficiently restrictive is going to be one we know over time,” Powell said. “But I think for the reasons I talked about at the last press conference and other places, I think the evidence is pretty clear that policy is restrictive and is having, you know, the effects that we would hope for.”

— Sean Conlon

Powell has no ‘definitive answer’ on why Americans view economy so negatively

U.S. Federal Reserve Bank Chair Jerome Powell announces that interest rates will remain unchanged during a news conference at the Federal Reserves’ William McChesney Martin building on June 12, 2024 in Washington, DC.

Kevin Dietsch | Getty Images

Federal Reserve Chair Jerome Powell said it is unclear why the sentiment of everyday Americans is so sour on the economy.

“I don’t think anyone … has a definitive answer why people are not as happy about the economy as they might be,” he said.

However, he did say there is a growing economy and strong labor market. While inflation ran high, he noted that the pace of price increases has come down “significantly.”

— Alex Harring

No one on the Fed committee has rate hikes in their base case, Powell says

Federal Reserve Chair Jerome Powell said no one on the committee has interest rate hikes in their base case.

“We think policy is restrictive. And we think, ultimately, that if you just set policy at a restrictive level, eventually you will see real weakening in the economy,” he said. “So, that’s always been the thought is that, you know, since we raised rates this far, we’ve always been pointing to cuts at a certain point.”

“Not to eliminate the possibility of hikes, but no one has that as their base case,” Powell said. “No one on the committee does.”

— Sarah Min

Powell says recent jobs data may be ‘a bit overstated’

U.S. Federal Reserve Chair Jerome Powell arrives for a press conference following a Monetary Policy Committee meeting at the Federal Reserve in Washington, D.C., on June 12, 2024.

Kevin Dietsc | Getty Images

Federal Reserve Chair Jerome Powell said the recent strong jobs data might be slightly “overstated,” indicating that benchmark revisions could be on the way.

“… There’s an argument that they may be a bit overstated, but still, they’re strong,” Powell said, referring to U.S. payroll reports. “We see gradual cooling, gradual moving toward better balance.”

Nonfarm payrolls expanded by 272,000 for the month of May, up from 165,000 in April and well ahead of the Dow Jones consensus estimate for 190,000.

— Yun Li

The Fed does not yet have the confidence to lower rates, chief Powell says

Federal Reserve Chair Jerome Powell said the central bank does not yet have the confidence to start lowering interest rates, even after May’s consumer price index on Wednesday came in cooler than expected.

“We see today’s report as progress and as, you know, building confidence,” Powell said. “But we don’t see ourselves as having the confidence that would warrant beginning to loosen policy at this time.”

— Sarah Min

Powell: Projections include reactions to Wednesday’s CPI report

U.S. Federal Reserve Chair Jerome Powell delivers remarks during a press conference following the announcement that the Federal Reserve left interest rates unchanged, in Washington, D.C., on June 12, 2024.

Evelyn Hockstein | Reuters

Powell said Fed members were given the chance to update their answers for the Summary of Economic Projections in light of this morning’s consumer price index report.

“We make sure people remember that they have the ability to update. We tell them to do that. … What’s in the SEP actually does reflect the data that we got today, to the extent you can reflect it in one day,” Powell said.

— Jesse Pound

Fed needs more ‘good data’ on inflation, Powell says

Inflation data this year has not yet given the Federal Reserve “greater confidence” that it is moving closer to the 2% goal, according to Fed Chair Jerome Powell.

“We’ll need to see more good data to bolster our confidence that inflation is moving sustainably toward 2%,” he said.

In the Fed statement, central bank leaders acknowledged that there has been “modest” further progress on getting price growth down to 2%. Before, the Fed had said there was a “lack of” recent progress.

— Alex Harring

Higher prices are showing signs of easing, based on recent readings, Powell says

The most recent string of inflation readings is showing sign of cooling price pressures, according to Federal Reserve Chair Jerome Powell.

“The inflation data received earlier this year were higher than expected, though more recent monthly readings have eased somewhat,” Powell said Wednesday. “Longer-term inflation expectations appear well anchored.”

— Brian Evans

Inflation has ‘eased substantially’ but is still too high, Powell says

Inflation has eased substantially from its peak but remains too high, Federal Reserve Chair Jerome Powell said during his Wednesday press conference.

“Our economy has made considerable progress … the labor market has come into better balance with continued strong job gains and a low unemployment rate,” he said. “Inflation has eased substantially from a peak of 7% to 2.7%, but is still too high. We are strongly committed to returning inflation to our 2% goal in support of a strong economy that benefits everyone.”

The Fed is maintaining its restrictive stance on monetary policy, Powell added.

— Pia Singh

The Federal Reserve is ‘constrained to keep rates higher for longer,’ economist says

Evelyn Hockstein | Reuters

The Federal Reserve will likely keep interest rates elevated as it seeks sustainable progress toward its 2% inflation target, one economist said.

“There’s no denying the progress toward the Fed’s 2% target but the real debate is timeframe. Barring any exogenous shocks, the economy will slowly converge to the Fed’s target,” wrote Jeffrey J. Roach, chief economist at LPL Financial.

“Since parts of the economy are less sensitive to interest rates in this business cycle, the Fed is constrained to keep rates higher for longer,” Roach added.

— Sarah Min

Economy has made progress toward both Fed goals, Powell says

Federal Reserve Chair Jerome Powell began his news conference noting the U.S. economy has made progress toward both of the central bank’s goals: bringing inflation down to 2% and maximizing employment.

“Our economy has made considerable progress toward both goals over the past few years,” Powell said.

“The labor market has come into better balance, with continued strong job gains and a low unemployment rate. Inflation has eased substantially from [about] 7% to 2.7%. But it’s still too high,” he said.

— Fred Imbert

One question for Powell: How did Wednesday’s CPI report factor into projections?

U.S. Federal Reserve Chair Jerome Powell arrives for a press conference following a Monetary Policy Committee meeting at the Federal Reserve in Washington, D.C., on June 12, 2024.

Brendan Smialowski | AFP | Getty Images

How much Wednesday’s consumer price index report factored into the Fed’s projections is one of the items traders will be looking for from Chair Jerome Powell’s press conference, according to Seema Shah, chief global strategist at Principal Asset Management.

“A key question for Powell will be, did the FOMC know the inflation print before they submitted their projections? If they did, that maybe implies that they need more than three months of softer inflation prints before they can be convinced to cut rates,” Shah said in a note.

— Jesse Pound

Stocks maintain gains after Fed highlights ‘modest’ progress on inflation

The Federal Reserve kept a steady hand on interest rates, but it is calling for just one rate cut in 2024.

The S&P 500 and Nasdaq Composite held on to their gains as of 2:19 p.m. ET, with the broad market benchmark up 1% and the tech-heavy index up nearly 1.8%.

The Dow Jones Industrial Average added about 32 points.

— Darla Mercado

See what changed in the new Fed statement

In the Fed statement released Wednesday, central bank leaders acknowledged they had begun seeing “modest” further progress toward the goal of 2% inflation. Click here to see a comparison of the newest and previous statements.

— Alex Harring

Federal Reserve holds rates steady, predicts one rate cut this year

The central bank kept its key interest rate unchanged at a range of 5.25% to 5.5%, but took two rate cuts off the table for this year.

The Federal Open Market Committee adjusted its rate forecast to one reduction this year, down from three in March.

“In recent months, there has been modest further progress toward the Committee’s 2 percent inflation objective,” policymakers said in their statement.

Read more from CNBC’s Jeff Cox on the Fed’s latest statement and its outlook for rates here.

— Darla Mercado

Here’s where markets stand before the Fed’s 2 p.m. ET rate decision

The S&P 500 and the Nasdaq Composite rose on Wednesday, buoyed by May’s cooler-than-anticipated consumer inflation report.

At about 1:50 p.m. ET, here is where the major market averages stood. The S&P 500 added about 1%, while the Nasdaq jumped nearly 1.8%. Both indexes touched fresh all-time highs in the session.

Zoom In IconArrows pointing outwards

The Dow Jones Industrial Average was the laggard, rising about 22 points.

Treasury yields declined, with the rate on the 10-year note falling more than 13 basis points to 4.266%. The rate on the 2-year note slipped nearly 14 basis points to 4.695%. Bond yields move inversely to their prices. One basis point is equal to one one-hundredth of a percent.

— Darla Mercado

Don’t get too excited about rate cut prospects just yet, even post CPI, Principal’s Shah says

May’s consumer price index reading — which was flat on a monthly basis and up 3.3% from a year earlier — boosts hopes for rate cuts from the Federal Reserve, but investors should keep their optimism in check, warns Seema Shah, chief global strategist at Principal Asset Management.

“Today’s soft inflation print eases fears that labor market strength may drive renewed inflation strength and likely reinforces Chair [Jerome] Powell’s conviction that the hot inflation data of Q1 was just a bump in the road,” she said.

“While today’s inflation print keeps a September Fed cut firmly in the picture, it does not reopen the door to a July cut,” she added. “The Fed will need today’s evidence of softer price pressures to be also corroborated in the next few months’ inflation prints before it can be sufficiently confident to ease.”

— Darla Mercado

Here’s where consumer rates stand ahead of the Fed’s decision

The Federal Reserve’s rate-hiking campaign has had a notable effect on consumers’ wallets, boosting the yields they earn on savings while also increasing financing costs.

CNBC’s data team compared where rates stood prior to the Fed’s March 2022 meeting — where it began raising rates in this latest cycle — versus last week.

Consumers are shelling out more to cover the interest costs on mortgages, with the rate on the 30-year fixed loan reaching 7.15%, according to Mortgage News Daily. That is compared to the rate of 4.29% just prior to the Fed’s initial move to hike rates. Rates on credit cards have also jumped more than 400 basis points, sitting at 20.68% as of last week, up from 16.34% more than two years ago, per Bankrate.

When it comes to saving, however, consumers’ fortunes have improved. The annual percentage yield on a six-month certificate of deposit is now at 3.406%, up from 0.22% in March 2022, per LendingTree. The higher rates have also been a boon for fixed-income investors, as the 10-year Treasury yield topped 4.4% last week, compared to its rate of just over 2% in March 2022, Refinitiv found.

— Darla Mercado, Nick Wells

All eyes are on Fed’s dot plot as traders look for clarity on rate cut path

Traders will have their focus on the Federal Reserve’s dot plot of interest rate expectations as the central bank concludes its policy meeting.

The dot plot, a quarterly report of where policymakers see the fed funds rate heading, is closely watched by traders.

Earlier, the Fed had indicated three rate cuts for 2024, but given a recent blast of strong jobs reports and other upbeat economic data, many are expecting the forecast to show two reductions.

The central bank’s updates — and its latest rate decision — are coming out just hours after May’s consumer price index reading. On a monthly basis, the headline CPI reading held steady from April, but it rose 3.3% from a year earlier, according to the Bureau of Labor Statistics.

— Darla Mercado, Jeff Cox

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We are the editorial team of FinCrypto, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on FinCrypto, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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News

Breakfast on Wall Street: The Week Ahead

Published

9 months ago

14 July, 2024

FinCrypto Staff

The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).

The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.

In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.

Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.

Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.

Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.

Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.

Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.

IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.

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News

Trump shooting: Gold could hit record high, dollar and cryptocurrencies set to jump

Published

9 months ago

14 July, 2024

FinCrypto Staff

Police cars outside the residence of Thomas Matthew Crooks, the alleged shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. In the aftermath of the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being killed by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.

“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”

Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.

An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.

Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.

Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.

Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.

“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.

Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.

But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.

Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.

“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”

Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.

“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”

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News

Latest Business News Live Updates Today, July 11, 2024

Published

9 months ago

14 July, 2024

FinCrypto Staff

Latest Business News Live Updates Today, July 11, 2024

Follow us for stories on Bill Gates, Elon Musk, Mukesh Ambani, Gautam Adani as we bring you everything that’s happening in the business world. Follow the latest gold and silver prices here too. Stay in the know on all things business with us.

Latest news on July 11, 2024: Airtel says its new Xstream Fiber plans bundle over 350 live TV channels (Official Photo) (Reuters) Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.

Follow all the updates here:

Thu, 11 Jul 2024 08:44 PM

Business News LIVE Updates: Decoding Airtel’s new Xstream Fiber packages, finding value with Live TV and OTT
- Airtel confirms to HT that the live TV proposition is being delivered using its DTH network, while the bundled streaming subscriptions are an extension of its Xstream Play platform.
Read the full story here
Thu, 11 Jul 2024 03:58 PM

Business News LIVE Updates: TCS Q1 results meet estimates: Net profit up 9%, ₹10 dividend declared
- TCS’s consolidated revenue rose 5.4% to Rs 626.13 billion in the June quarter. Analysts had expected revenue of Rs 622.07 billion, as per LSEG data.
Read the full story here
Thu, 11 Jul 2024 03:51 PM

Business News LIVE Updates: Indian companies falsified generic Viagra data to get approval, says US FDA: Report
- Synapse Labs Pvt. Ltd may have been used in hundreds of drugs that are still available for sale, the report said.
Read the full story here

Thu, 11 Jul 2024 03:09 PM

LIVE Business News Updates: Namita Thapar’s emotional post on Emcure IPO listing: ‘Mirza Ghalib sums up my feelings’
- Emcure Pharmaceuticals was listed at ₹1,325.05, up 31.45% on the BSE and NSE on July 10.
Read the full story here
Thu, 11 Jul 2024 02:39 PM

LIVE business news updates: Amazon could face investigation over treatment of UK food suppliers, watchdog says
- An Amazon spokesperson said the company has made several improvements for food suppliers since last year’s results.
Read the full story here
Thu, 11 Jul 2024 01:39 PM

LIVE Business News Updates: This Bengaluru company aims to launch a ‘space habitat’ by 2027, in talks with SpaceX
- AkashaLabdhi calls itself a “home among the stars” as it says the company’s area of expertise is signal processing and continuous automation.
Read the full story here

Thu, 11 Jul 2024 01:10 PM

Business News LIVE Updates: Amazon India employees on working conditions: Made to stand for hours, bathroom breaks not allowed
- A survey conducted by UNI Global Union with the Amazon India Workers Association had 1,838 participants who alleged appalling working conditions at Amazon facilities in India.
Read the full story here
Thu, 11 Jul 2024 12:44 PM

LIVE Business News Updates: UK overhauls listing rules in bid to attract IPOs to London: What has changed?
- The new rules allow companies to carry out more activities without putting them to a shareholder vote, the UK’s Financial Conduct Authority said.
Read the full story here
Thu, 11 Jul 2024 12:18 PM

Business News LIVE Updates: Want to send money abroad? Open foreign currency accounts at GIFT City
- Foreign currency accounts will be like a bank account in India, but instead of rupees, you hold foreign currency like US dollars.
Read the full story here

Thu, 11 Jul 2024 11:30 AM

Business News LIVE Updates: First Abu Dhabi Bank denies interest in acquiring stake in Yes Bank: Report
- The report said the Yes Bank stake sale has attracted interest from Japan, including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc.
Read the full story here
Thu, 11 Jul 2024 11:04 AM

LIVE Business News Updates: TCS Share Price Surges Ahead of Q1 Results: What Brokers Say About the Stock
- TCS Share Price: The stock opened at ₹3,944.65 against its previous close of ₹3,909.90. It then rose 1.8 percent to ₹3,979.90 level.
Read the full story here
Thu, 11 Jul 2024 10:22 AM

LIVE Business News Updates: Reliance Jio IPO listing likely in 2025 at $112 billion valuation: Jefferies
- Jio “could list at a valuation of $112 billion” and add “7-15 percent upside” to Reliance Industries’ share price, Jefferies said.
Read the full story here

Thu, 11 Jul 2024 09:42 AM

LIVE Business News Updates: Yes Bank shares rise after Moody’s revises outlook to ‘positive’ from ‘stable’
- Global rating agency Moody’s has raised its outlook on Yes Bank to positive from “stable” despite expectations of a gradual improvement in its depositor base.
Read the full story here
Thu, 11 Jul 2024 09:16 AM

Business News LIVE Updates: Sahaj Solar IPO opens today: All you need to know before subscribing to the issue
- Sahaj Solar IPO: The block issue aims to raise ₹52.56 crore through issuance of 2.92 million new shares and will close on July 15.
Read the full story here
Thu, 11 Jul 2024 08:40 AM

LIVE Business News Updates: Why Analysts Believe India’s Earnings Season May Disappoint Stock Market Investors
- Investors in Indian stocks hoping for a robust earnings season to justify expensive valuations are likely to be disappointed.
Read the full story here

Thu, 11 Jul 2024 08:35 AM

LIVE Business News Updates: Elon Musk Says Second Neuralink Brain Implant Will ‘Give People Superpowers’ Within a Week
- Elon Musk said Neuralink will make some changes to try to alleviate the problem of its electrode wires retracting from brain tissue.
Read the full story here
Thu, 11 Jul 2024 07:59 AM

LIVE Business News Updates: Apple warns Indian iPhone users of possible Pegasus-like ‘spyware attack’
- In April this year, the Indian Computer Emergency Response Team (Cert-In) flagged several vulnerabilities in Apple’s operating system for iPhone and iPad.
Read the full story here
Thu, 11 Jul 2024 07:45 AM

Business News LIVE Updates: US stock markets at record highs led by world’s biggest tech companies
- The Philadelphia Semiconductor Index rose 2.4% to a record high after Taiwan Semiconductor Manufacturing Co. reported strong quarterly revenue.
Read the full story here

News / Business / Latest Business News Live Updates Today, July 11, 2024

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News

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Published

9 months ago

14 July, 2024

FinCrypto Staff

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.

Jio Financial Services News

Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”

“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.

Jio Financial Stock Target Price

Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”

On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”

Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.

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