Multibagger realty stock hits lower circuit on 7th straight session. Do you own?

Market


Multibagger stock: After hitting upper circuit for 12 straight sessions, one of the Rakesh Jhunjhunwala portfolio stocks, DB Realty shares have been hitting lower circuit on successive trade sessions. The multibagger realty stock today hit lower circuit for 7th straight session. The realty stock has been hitting lower circuit since 14th February 2022. However, it is still one of the multibagger stocks in 2022.

According to stock market experts, this multibagger realty stock has surging on fund raiser news and Rakesh Jhunjhunwala adding more stake in the company. But, once profit-booking triggered, the stock has been nosediving and has given breakdown at 100 apiece levels. They said that the stock has minor support at 90 and once it breaches this support, then it may go up top 70 per share levels.

Advising positional investors to avoid any fresh position in this Rakesh Jhunjhunwala stock; Sumeet Bagadia, Executive Director at Choice Broking said, “The stock has given breakdown at 100 and it is now in the bear trend. It has immediate support at 90 and on breaching this support it may further go up to 70 apiece levels. As the stock is continuously hitting lower circuits, shareholders of DB Realty are advised to exit on bounce as the stock may go up to 70 levels after breaching its immediate support of 90.”

Highlighting weak fundamentals of the Rakesh Jhunjhunwala stock; Ravi Singh, VP and Head of Research at Share India Securities said, “DB Realty stock is trading under very high speculations though lesser volume. The fundamentals are weak and outlook is negative. On technical setup, the stock may touch the level of 80 with this momentum and high volatility. Investor may remain cautious and avoid taking any fresh positions in this stock at current levels.”

DB Realty share price history

In last one month, the stock has delivered over 30 per cent return to its shareholders despite this bloodbath. In last one month, this multibagger realty stock has surged from around 20 to 97.35 levels, logging near 375 per cent rise in this period whereas this stock has surged near 100 per cent in year-to-date (YTD) time.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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