Rakesh Jhunjhunwala portfolio: ₹230 stock on cusp of breakout. Do you own?
Premium- Rakesh Jhunjhunwala portfolio: Market is bullish on Canara Bank shares for two reasons — unlock theme and government's focus on infrastructure sector
Rakesh Jhunjhunwala portfolio: Canara Bank share price today is oscillating around ₹230 per share levels, which is a major breakout level for the PSU banking stock on chart pattern. According to stock market experts, this Rakesh Jhunjhunwala stock is on cusp of breakout at ₹230 apiece levels. Once it sustains above ₹230 per share levels, there can be sharp upside swing in the state-owned banking stock in near term, they said.
Expecting fresh breakout in this Rakesh Jhunjhunwala stock; Rohit Singre, AVP — Research at Bonanza Portfolio said, "Canara Bank shares may give breakout at ₹230 per share levels. Once the stock gives breakout above ₹230 apiece levels on closing basis, it will have strong support at ₹220 apiece levels. After breakout, the stock have minor hurdle at ₹250 and ₹270 apiece levels. So, one can expect sharp upside in the stock post-breakout in near term."
Speaking on the factors that may fuel Canara Bank share price rally; Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Market is bullish on Canara Bank shares for two reasons — unlock theme and government's focus on infrastructure sector. On account of subsiding Covid-19 impact, unlock theme is going to boost banking and various other sectors. As Union Finance Minister Nirmala Sitharaman has announced special focus on infrastructure sector in her budget 2022, there can be huge lending demand from the infra players from the public sector banks. As Canara Bank is one of the leading PSU bank in India, it is expected to get benefit of this infra-oriented rise in demand."
On current fundamentals of Canara Bank, Avinash Gorakshkar of Profitmart Securities said, "Due to ease in Covid-19 restrictions, Canara Bank has been able to curtail provisioning, which helped the state-owned bank to double its net profit in Q3FY22. Apart from this, the PSU bank has been able to register strong recovery from band loans in this period as well. Now, the market is expecting this stellar performance of the bank in Q4 as well."
Rakesh Jhunjhunwala shareholding in Canara Bank
As per the shareholding pattern of Canara Bank for October to December 2021, Rakesh Jhunjhunwala holding in the state-owned bank is 2,90,97,400 shares or 1.60 per cent stake in the 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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