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Rakesh Jhunjhunwala portfolio: Experts give 'buy' tag to this 200 bank stock

Rakesh Jhunjhunwala portfolio: Canara Bank shares have strong support at  ₹190 and  ₹180 levels. Investor should take fresh buy positions in Canara Bank around  ₹190 levels for the target of  ₹220 for a good risk and reward ratio, believe stock market experts. (MINT_PRINT)Premium
Rakesh Jhunjhunwala portfolio: Canara Bank shares have strong support at 190 and 180 levels. Investor should take fresh buy positions in Canara Bank around 190 levels for the target of 220 for a good risk and reward ratio, believe stock market experts. (MINT_PRINT)

  • Rakesh Jhunjhunwala holds 2,90,97,400 Canara Bank shares, which is 1.60 per cent of the total issued paid up capital of this PSU bank

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Rakesh Jhunjhunwala portfolio: Amid Omicron virus concern, stock market experts have been recommending positional investors to pick quality stocks available at discounted price. In this regard, they recommended investors to buy Canara Bank shares even though there is high volatility in the PSU bank stock on new Covid variant concern. They said that Rakesh Jhunjhunwala stock is trading below 200 where its risk-reward ratio is quite high.

Highlighting upon the reasons that makes this Rakesh Jhunjhunwala portfolio stock a value pick; Ravi Singh, Head of Research & Vice President at ShareIndia said, "All the momentum indicators like Stochastic, MACD, RSI and most of the MAs are showing weakness on intraday and daily charts. Overall market scenario is negative since last week due to FIIs outflows, fear of new Covid variant and economic bottlenecks. Canara Bank share is also showing high volatility and is trading in profit booking zone."

Echoing with Ravi Singh's views; Sumeet Bagadia, Executive Director at Choice Broking said, "Short-term traders can buy Canara Bank shares at around 200 levels for immediate target of 215 levels maintaining stop loss at 190." He said that one can hold the counter for 230 target as well.

However, Ravi Singh of ShareIndia advised investors to take positional call in Canara Bank shares citing, "Canara Bank shares have strong support at 190 and 180 levels. Investor should take fresh buy positions in Canara Bank around 190 levels for the target of 220 for a good risk and reward ratio."

Rakesh Jhunjhunwala shareholding in Canara Bank

According to Canara Bank shareholding pattern for July to September 2021, Rakesh Jhunjhunwala holds 2,90,97,400 Canara Bank shares, which is 1.60 per cent of the total issued paid up capital of this 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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