Home / Markets / Stock Markets /  Rakesh Jhunjhunwala portfolio: PSU metal stock in uptrend. What's driving stock
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Rakesh Jhunjhunwala portfolio: State-owned Steel Authority of India Limited or SAIL share price has been in 'uptrend' after forming a base at around 95 apiece levels last week. According to stock market experts, this PSU stock has given fresh breakout after closing above 100 per share level on Monday. They went on to add that Rakesh Jhunjhunwala stock is expected to move further upside after breaking its immediate hurdle placed at 109 to 110 levels.

Divulging details in regard to SAIL share price chart pattern; Mehul Kothari, AVP – Technical Research at Anand Rathi Shares & Stock Brokers said, "During the final week of March 2022 we witnessed a breakout in SAIL shares and then a pullback towards 97 mark. Then after we saw the continuation of that breakout and now the stock is trading well above 100 mark. At this juncture; it is hovering just below its 200 DMA, which is placed at 109 mark. A move above the same might intensify the buying, which can pull the stock towards 120 to 124 levels."

Echoing with Mehul Kothari's views; Santosh Meena, Head of Research at Swastika Investmart Ltd said, "SAIL share price is coming out of a down-sloping channel formation with a breakout of a bullish inverse head and shoulder formation that may lead to positive momentum in this counter where 200-DMA will be an immediate hurdle. Above this, we can expect a move towards 130 level. On the downside, 102.5 is an immediate support level while 97 is a critical support for any major weakness."

Sharing major levels in regard to this Rakesh Jhunjhunwala stock; Sumeet Bagadia, Executive Director at Choice Broking said, “The stock has immediate support at 98 whereas it has immediate hurdle placed at 110. Once it breaks this hurdle, we can witness sharp upside move in the counter in short to mid-term time horizon."

Expected SAIL share price rally to further continue; Ravi Singh, VP & Head of Research, Share India said, "At the current juncture, SAIL stock has formed a base of around 95. On the Bollinger band, the stock price is trading above the mean with the upper band facing in the northward direction indicating the price is likely to move higher. Analyzing the recent volume price action, the volumes have been encouraging in the recent upside move, indicating strong hands have started accumulating the stock at current levels. On the oscillator’s side, RSI is trading in a comfortable zone of above 50 levels indicating the intact bullishness in the stock."

On fundamentals that may fuel SAIL share price; Manoj Dalmia, Founder & Director at Proficient Equities Private Limited said, "Outlook for SAIL shares is bullish considering inflation as there has been an overall increase in the prices of commodities, which might create moves in this stock." He said that recently metal prices including steel price. This is giving margin benefit to the PSU company on its unsold inventory. Hence, market is expecting strong Q4 numbers with improved EBIDTA of the company.

Rakesh Jhunjhunwala shareholding in SAIL

As per Steel Authority of India's shareholding pattern for October to December 2021 quarter, Rakesh Jhunjhunwala holding is 4.50 crore SAIL shares, which is 1.09 per cent of the total issue paid-up capital of the PSU company.

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

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