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Multibagger Rakesh Jhunjhunwala stock surges from lower levels. Should you buy?

Rakesh Jhunjhunwala portfolio: Technically, NALCO share has entered into a fresh expansion phase after breaking out the level of  ₹100, believe stock market experts (MINT)Premium
Rakesh Jhunjhunwala portfolio: Technically, NALCO share has entered into a fresh expansion phase after breaking out the level of 100, believe stock market experts (MINT)

  • Rakesh Jhunjhunwala portfolio: Multibagger stock looks positive on chart pattern and high risk traders can buy at current market price for immediate short term target of 124, say stock market experts

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Rakesh Jhunjhunwala portfolio: After announcement of second interim dividend, National Aluminium Company Ltd or NALCO shares have bounced back from its lows in recent sessions. One of the multibagger stocks in 2021, this Rakesh Jhunjhunwala stock has broken its hurdle placed at 109 and now looks poised for strong upside moves. According to stock market experts, NALCO share price has strong support at 100 and now it may go up to 164 in short to medium term.

Advising stock market investors to buy this Rakesh Jhunjhunwala portfolio stock; Sumeet Bagadia, Executive Director at Choice Broking said, "The stock has sustained above 100 and has bounced back from its lows. Now, the multibagger metal stock looks positive on chart pattern and high risk traders can buy NALCO shares at current market price for immediate short term target of 124 maintaining stop loss at 108 apiece levels."

Highlighting the fundamentals of this multibagger stock in Rakesh Jhunjhunwala portfolio; Santosh Meena, Head of Research at Swastika Investmart said, "We are in a super cycle in the metal sector and this cycle has more legs to go where Aluminium may continue to outperform on the back of a strong economic outlook and transition to the EV industry. Russia-Ukraine crisis is another tailwind for the Aluminium and Aluminium companies in India like National Aluminium and Hindalco Industries because Russia is one of the leading producers and exporters of Aluminium and we can expect multiple sanctions on Russia by various countries that will benefit Indian Aluminium companies. NALCO may continue to outperform in the PSU basket on the back of a strong industry outlook."

Suggesting positional investors to add this stock in one's portfolio for short to medium term, Santosh Meena of Swastika Investmart said, "Technically, NALCO share has entered into a fresh expansion phase after breaking out the level of 100 where recent correction is a good buying opportunity and stock is respecting its 50-DMA, which is currently placed at 109 level while the level of 100 will act as strong support at any meaningful correction. On the upside, 128 is acting as an immediate resistance; above this, we can expect a move towards 141 and 164 levels in short to medium term."

NALCO share dividend

NALCO has announced second interim dividend for its shareholders in February. The BSE Exchange informed about the second interim dividend announcement by the PSU metal company citing, "National Aluminium Company Ltd has informed BSE that the Company has fixed February 18, 2022 as the Record Date for the purpose of Payment of 2nd Interim Dividend. The payment of 2nd interim dividend shall be made on or before March 07, 2022 to all eligible shareholders."

Rakesh Jhunjhunwala shareholding in NALCO

According to NALCO shareholding pattern for October to December 2021 quarter, Rakesh Jhunjhunwala holds 2.50 crore NALCO shares, which is 1.36 per cent of the total issued paid-up capital of the company.

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

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