Rakesh Jhunjhunwala stock retraces from 52-week high. Should you buy?
1 min read . Updated: 24 Feb 2022, 09:06 AM IST
Premium- Rakesh Jhunjhunwala portfolio: Tata group stock has retraced from its 52-week high and secondary market experts are of the opinion that the stock may pick up momentum in the wake of unlock activities
Rakesh Jhunjhunwala portfolio: After surging to its 52-week high of ₹536.70 on NSE in November 2021, Tata Motors shares have been under profit-booking pressure. In last 3 months, this Tata group stock has retraced from its 52-week high and secondary market experts are of the opinion that the stock may pick up momentum in the wake of unlock activities. Suggesting 'buy on dips' strategy to fresh entrants they advised Tata Motors shareholders to hold the counter for short term target of ₹560.
Advising positional investors to buy Tata Motors shares; Anuj Gupta Vice President at IIFL Securities said, "Current retracement is just profit-booking as the stock still looking positive on chart pattern with bullish candlestick pattern with substantial volume. One can buy and hold the stock for short term target of ₹560 apiece levels." He said that due to unlock activities, auto sales are expected to go northward and that will reflect in strong quarterly numbers of the company in future. He advised Tata Motors shareholders to hold the stock for ₹560 target.
Suggesting buy on dips strategy to secondary market investors; Sumeet Bagadia, Executive Director at Choice Broking said, "Tata Motors shares may go further down from current levels. On breaching ₹450 levels, it may further go down up to ₹425 apiece levels. So, one should wait for further fall in Tata Motors as market sentiment is also negative these days due to Russia Ukraine crisis. In case there is pull back in the counter then one should buy Tata Motors shares above ₹500 levels for short term target of ₹550 levels."
Rakesh Jhunjhunwala shareholding in Tata Motors
According to Tata Motors shareholding pattern for December 2021 quarter, Rakesh Jhunjhunwala holds 3,92,50,000 Tata Motors shares, which is 1.18 per dcent of total issued paid-up capital of the auto company.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
