The stock of JM Financial pulled back almost 10% to Rs 79.30 after the market’s regulator Securities and Exchange Board of India barred it from being a lead manager for any of the public issue of debt securities.
However, SEBI allowed the company to continue being the lead manager for existing public debt issues for 60 days from the order date.
“SEBI shall undertake an investigation into the issues covered under the said Order and complete the same within a period of six months from the date of the Order,” the company said in an exchange filing.
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For the last four years, the stock was consolidated in a broader range of 60-115. It retested its upper band of the range in January this year but couldn’t surpass it and again saw pressure.
As of now, JM Financials trading in the middle of the range and likely consolidate after the recent slide. “Traders may consider maintaining a stop at 75 for the existing longs and avoid fresh buying until it stabilises,” said Ajit Mishra, Senior Vice President of Technical Research at Religare Broking.
Another market participant A R Ramachandran, Co-owner of Tips2trades said that the stock is slightly bearish but also oversold on the Daily charts with strong resistance at 85.10. He further said that investors should buy only if the Daily close is above the resistance mentioned above for a target of 103 in the near term. Strong support will be at levels 76 and 67.
The stock has fallen over 19% in the last five days and around 11% in the past six months. However, it has gained over 29% in the last year and 10.23% in the past five years.