Rakesh Jhunjhunwala portfolio: Experts give buy call on this ₹82 stock
Premium- Rakesh Jhunjhunwala portfolio: Federal Bank shares have been oscillating in between ₹80 to ₹100 for last six months, say stock market experts
Rakesh Jhunjhunwala portfolio: Federal Bank share price has been oscillating in between ₹80 to ₹100 for last six months. As per stock market analysts, this Rakesh Jhunjhunwala stock was expected to give breakout above ₹100 few weeks ago but due to the weak global cues on Omicron outbreak, heavy selloff triggered and the banking stock came down to its lows. However, market experts are of the opinion that this is the right time to buy this Rakesh Jhunjhunwala holding company's stock for short to medium term target of ₹144.
According to stock market experts, this Rakesh Jhunjhunwala portfolio stock has been oscillating in between ₹80 to ₹100 for last six months. However, the stock was poised to give fresh breakout at ₹102 but due to the Omicron outbreak, profit-booking triggered in this Rakesh Jhunjhunwala stock and it once again came down to its lowest level of ₹80. However, stock market experts are of the opinion that this is the right time to buy and hold the counter for short to medium term target of ₹120 to ₹144 per share levels.
Advising short term investors to buy Federal Bank shares at current levels; Sumeet Bagadia, Executive Director at Choice Broking said, "Ahead of Omicron virus outbreak, Federal Bank share price was poised to give fresh breakout at ₹100 to ₹102 levels but in the wake of global selloff, profit-booking triggered in the counter and it came down to its immediate support levels of ₹75. So, one should buy this counter at current levels as bounce back is expected in this Rakesh Jhunjhunwala portfolio stock. Immediate short-term investors can buy the counter for ₹98 to ₹100 target but once it gives breakout above ₹100 on closing basis, it may go up to ₹120 in short term."
Advising positional investors to buy Federal Bank shares at current levels for short to medium term; Ravi Singhal, Vice Chairman at GCL Securities said, "Federal Bank share price has strong support at ₹66. One can buy this banking stock at current levels for short to medium term target of ₹120 and ₹144 maintaining stop loss at ₹66."
Rakesh Jhunjhunwala shareholding in Federal Bank
As per Federal Bank shareholding pattern for July to September 2021 quarter, Big Bull and his wife Rekha Jhunjhunwala have investments in this south Indian bank. Rakesh Jhunjhunwala holds 5,47,21,060 shares or 2.64 per cent stake in individual capacity whereas he has 1.01 per cent (2.10 crore shares) joint holding with his wife Rekha Jhunjhunwala in the bank. So, Jhunjhunwalas together hold 7,57,21,060 shares or 3.65 per cent stake in the south Indian bank.
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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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