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Business News/ Markets / Stock Markets/  Prabhudas Lilladher sees big upside in this Rakesh Jhunjhunwala portfolio stock in short term
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Prabhudas Lilladher sees big upside in this Rakesh Jhunjhunwala portfolio stock in short term

Rakesh Jhunjhunwala stock has breached hurdle placed at 50 DMA and 200 DMA in recent sessions, says Prabhudas Lilladher report

Rakesh Jhunjhunwala-owned auto stock may go up to ₹510 apiece levels in short term. Photo: Courtesy Rakesh Jhunjhunwala instagram accountPremium
Rakesh Jhunjhunwala-owned auto stock may go up to 510 apiece levels in short term. Photo: Courtesy Rakesh Jhunjhunwala instagram account

Rakesh Jhunjhunwala portfolio: Tata Motors shares have remained in consolidation phase since October 2021. However, the stock tried to showcase some upside movement after ushering in new financial year, but bears outsmart bulls and the stock continued to remain a 'sell on rise' stock till mid-June 2022. However, the stock seems to have come out of the base building mode and it is looking ready for a sharp upside swing in short term.

As per the recent technical research report of brokerage firm Prabhudas Lilladher, this Rakesh Jhunjhunwala-owned auto stock seems to have bottomed out and is looking poised for a pullback. The brokerage says that Tata Motors shares are ready for a pull back rally and the stock has recently breached 50 DMA and 200 DMA hurdles and the stock may go up to 510 in short term. Tata Motors share price today is around 450 apiece levels, which means the brokerage is expecting more than 13 per cent upside in this Rakesh Jhunjhunwala stock in short term.

Tata Motors share price target

According to Prabhudas Lilladher research report, "The stock after the short correction has bottomed out near 440 levels and has witnessed a decent pullback to improve the bias with currently moving past the confluences of significant moving average like the 200DMA and 50EMA at 452 zone indicating a “Golden Cross" to strengthen the trend. With the RSI also showing a trend reversal to signal a buy has made the chart look attractive with ample upside potential move anticipated in the coming days. We suggest to buy and accumulate this stock for an upside target of 510 keeping the stop loss at 435."

 

Rakesh Jhunjhunwala shareholding in Tata Motors

As per Tata Motors shareholding pattern for April to June 2022 quarter, late Rakesh Jhunjhunwala (then alive) was holding 3,62,50,000 shares, which is around 1.12 per cent of total 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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Published: 14 Sep 2022, 02:02 PM IST
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