Rakesh Jhunjhunwala portfolio: Tata stock jumps from 52-week low. Should you buy
2 min read 24 Jun 2022, 06:45 AM ISTRakesh Jhunjhunwala portfolio: Tata Communications share price today is ₹905 on NSE, which is around 5 per cent higher from its 52-week low of ₹856 apiece levels
PremiumRakesh Jhunjhunwala portfolio: After hitting new 52-week low, Tata Communications shares have bounced back and sustained above ₹880 support base. Tata Communications share price today is ₹905 on NSE, which is around 5 per cent higher from its 52-week low of ₹856 apiece levels. However, the stock is still 37 per cent down in YTD time that may attract positional investors scanning quality stocks available at discounted price.
According to stock market experts, this Rakesh Jhunjhunwala may further go down as fresh breakdown is expected in the stock at ₹880 apiece levels. They said that the Tata group stock may go down to 760 to ₹730 levels.
Speaking on Tata Communications share price outlook, Tirthankar Das, Head of Technical Research at Ashika Group said, "Tata Communications share price continue to remain in downtrend forming lower low and is on the verge of breakdown, signaling further downside in coming session at the breach of crucial support level of 880-890. The said level happens to be the 50% retracement of the entire rally since March 2020. Key observation is that stock seems to be sustaining above the 200WEMA (880-890) after five continuous months of decline. Hence, present support level at 880-890 and the sequential decline since the start of CY22 seems to be part of the bullish harmonic group pattern ABCD which indicates that prices might change direction at a sustain close above 1000, till then outlook continues to remain neutral to negative with lower target of 730-760 (61.8 per cent retracement)."
Echoing with Tirthankar Das' views, Santosh Meena, Head of Research at Swastika Investmart said, "Tata Communication is in a short-term bear trend where it is continuously forming lower high and lower low formations however ₹850 is a strong support level where we can expect some recovery. On the upside, ₹920 is an immediate resistance; above this, we can expect a positive momentum towards the ₹1020 level while if it slips below the ₹850 level then we can expect further selling pressure towards the ₹775 level."
Rakesh Jhunjhunwala shareholding in Tata Communications
Rakesh Jhunjhunwala has invested in this Tata group stock through his wife Rekha Jhunjhunwala. According to Tata Communications shareholding pattern for January to March 2022, Rekha Jhunjhunwala owns 30,75,687 shares or 1.08 per cent stake in the company.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
