Jio Financial share price: Stock faces more pain; expert sees Rs 200-Rs 190 downside

Jio Financial Services Ltd may not be out of the woods yet. In a cautious take on the stock, Nilesh Jain, VP- Head of Technical and Derivative research , Centrum Finverse said the counter continues to face heavy selling pressure and could slip further towards the Rs 200-Rs 190 band before any meaningful revival sets in, disappointing investors who had hoped for a sharper post-listing rerating.

The view comes at a time when broader market sentiment remains fragile, with weakness across sectors and traders showing little appetite for aggressive risk-taking in stocks that are already in established downtrends.

Technical setup remains weak
Responding to a retail investor query on Jio Financial, Jain said the stock has struggled to regain momentum and remains under pressure on key technical indicators. “The counter is witnessing a lot of selling pressure,” he said, adding that it has recently faced resistance at its 21-day short-term moving average.

More importantly, he noted that the stock is trading “well below its all long-term and short-term moving averages,” a sign that both near-term sentiment and the broader trend remain weak. On the weekly chart too, the structure is not encouraging, with Jain pointing to a continuing “lower top and lower bottom” formation.

More pain possible before stability
That chart pattern typically signals a persistent downtrend, and Jain believes the stock may not have found its floor yet. “Looks like it is heading towards 200 to 190 on the lower side,” he said, warning of further weakness in the short to medium term.

For investors who entered the stock with multibagger expectations soon after listing, that assessment underlines the gap between long-term thematic optimism and current price action. In weak markets, even fundamentally popular names can remain under pressure if technical structures deteriorate and buying support remains absent.

Where value buying could emerge
Jain, however, did leave the door open for a longer-term recovery. From a one-year-plus perspective, he said some value buying could emerge near the Rs 180-Rs 190 zone, which he described as a strong support area for the counter.

That suggests investors with a longer holding horizon may need patience rather than urgency. For now, the analyst’s message is clear: “Purely from a short-term trading perspective, I believe there may be further weakness.”

Broader market mood adds pressure
The caution on Jio Financial also fits into the wider market backdrop discussed on the show. Jain flagged a weak broader structure for the Nifty, saying pullbacks are getting sold into and volatility remains elevated ahead of key triggers. In such an environment, stocks already under distribution can struggle to stage durable rebounds.

For Jio Financial, that means sentiment may improve only once stronger support levels are tested and sustained buying returns.