Rakesh Jhunjhunwala portfolio: Experts predict breakout in this ₹95 stock

Rakesh Jhunjhunwala portfolio is closely followed by retail investors as it gives them an idea about the direction in which smart money is flowing. However, these retail investors are advised to look at the performance of ace investor's portfolio stocks and the ideal position to chip in. According to stock market experts, Federal Bank shares — one of the Rakesh Jhunjhunwala stocks — is expected to give breakout at ₹102 on closing basis and one should buy this banking stock at current market price as Federal Bank share price has breached its strong hurdle at ₹88 and ₹92 levels last week.

Advising positional investors to buy this Rakesh Jhunjhunwala stock; Sumeet Bagadia, Executive Director at Choice Broking said, "Last week, Federal Bank shares have breached its strong hurdles at ₹92 and ₹88 and it looks poised to give fresh breakout at ₹102 on closing basis. One can buy Federal Bank shares at current market price for immediate target of ₹100 to ₹105 levels. One can hold this counter for ₹115 to ₹120 levels as the banking stock may go up to these levels after giving breakout at ₹102 on closing basis." Sumeet Bagadia of Choice Broking advised positional investors to maintain strict stop loss at ₹88 while taking this position. He also advised investors to keep on accumulating till it is above ₹90 apiece levels.

Expecting sharp upside in this Rakesh Jhunjhunwala holding stock in short term; Ravi Singhal, Vice Chairman at GCL Securities said, "After giving breakout at ₹102 on closing basis, the stock is expected to give sharp upside moves and in next 2-3 month, Federal Bank share price may go up to ₹144 levels. So, my suggestion to positional investors is to buy the counter at current levels and hold it for next 2-3 months."

Rakesh Jhunjhunwala shareholding in Federal Bank

According to Federal Bank shareholding pattern for July to September 2021 quarter, Rakesh Jhunjhunwala has invested in this banking company both in individual capacity and with his wife Rekha Jhunjhunwala. As per Federal Bank shareholding pattern for Q2Fy22, Rakesh Jhunjhunwala holds 5,47,21,060 Federal Bank shares or 2.64 per cent stake in individual capacity whereas he and his wife jointly hold 2.10 crore shares or 1.01 per cent stake in the south Indian bank. Federal Bank shareholding pattern for October to December 2021 is still awaited.

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