Rakesh Jhunjhunwala stock retraces 35% from 52-week high. Should you buy?

Rakesh Jhunjhunwala stock retraces 35% from 52-week high. Should you buy?


Rakesh Jhunjhunwala portfolio: Canara Bank share price has been under sell-off heat throughout this month. The state-owned banking stock is currently quoting around 180 per share, which is 92.50 down from its 52-week high of 272.80 levels. So, Canara Bank share price today is available at around 35 per cent discount that may attract positional investors looking for quality stocks available at discounted price.

According to stock market experts, this Rakesh Jhunjhunwala stock has given breakdown at 188 levels and it may further go down towards 162 levels. They advised positional stock market investors to buy Canara Bank shares around 162 support zone and maximise one’s benefit in long term.

Speaking on this Rakesh Jhunjhunwala portfolio stock, Manoj Dalmia, Founder & Director at Proficient Equities Limited said, “Canara Bank share price has broken major support at around 188 levels, the stock might retrace a bit from current levels and might fall further till 162 apiece levels. Investors can buy this at 162 levels to gain the maximum benefit.”

Advising positional investors to invest in a calibrated manner, Anuj Gupta, Vice President — Research at IIFL Securities said, “Canara Bank share has immediate support place at 175 and 160 apiece levels. One can start accumulating Canara Bank shares maintaining buy on dips strategy. However, one must maintain strict stop loss at 157 while taking fresh position in this state-owned banking counter.”

Rakesh Jhunjhunwala shareholding in Canara Bank

According to Canara Bank shareholding pattern for January to March 2022 quarter, Big Bull Rakesh Jhunjhunwala owns 3,55,97,400 shares, which is 1.96 per cent of total paid-up capital of the PSU bank.

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

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