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Home / Markets / Stock Markets /  Rakesh Jhunjhunwala stock rises 45% in one month. Experts see more upside
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Rakesh Jhunjhunwala portfolio: Shares of Star Health and Allied Insurance Company Limited have been in uptrend for last one month. In this period, Star Health share price has ascended from around 498 to 719 apiece levels. recording around 45 per cent rise in this time horizon. However, stock market experts are of the opinion that Rakesh Jhunjhunwala stock may continue to rally further and hit 780 levels in short term.

According to stock market experts, in Q1FY23 results, this Rakesh Jhunjhunwala-backed company underlines strong business execution around product and distribution which give confidence on the guidance of outperforming the industry in terms of retail premium growth. They said that the stock looks bullish on chart pattern and it may go up to 780 to 800 per share levels in one month.

Giving 'buy' tag to Star Health shares, ICICI Securities says, "Star Health’s (Star) Q1FY23 result underlines strong business execution around product and distribution which give confidence on the guidance of outperforming the industry in terms of retail premium growth and maintaining overall loss/combined ratio of 63-65%/93-95%, respectively. Distribution efforts span across channels including rural focus while product strategy uses new designs, repricing as well as hospital negotiations. The combination of 32% retail health premium market share in Q1FY23 and overall strong retail health insurance growth outlook make us constructive on Star."

Expecting bull run to continue in this Rakesh Jhunjhunwala stock, Tirthankar Das, Head of Technical Research at Ashika Group said, "The share price of Star Health has formed higher base above 100 dma and is currently sustaining at higher levels. The stock seems to have formed a base around the major support area of 650-665 levels which coincides with the 38.2 per cent retracement of the recent rally (High: 772; Low: 470). Among the oscillators the daily MACD is in uptrend and is seen sustaining above its nine periods average thus support the positive bias. Hence it can be expected that the stock to maintain positive."

Unveiling investment strategy in this Rakesh Jhunjhunwala stock, Sumeet Bagadia, Executive Director at Choice Broking said, "The stock is in uptrend and can go up to 780 to 800 apiece levels in next one month. It is currently in the range of 650 to 800 and hence my advice to investors is to maintain buy on dips with strict stop loss below 650. The stock may give strong upside once it gives breakout above 780 apiece levels on closing basis."

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

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