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Rakesh Jhunjhunwala portfolio: Amid beginning of result season and listed companies putting their shareholding pattern in public domain, retail investors are closely following ace investors’ portfolio to find out value picks. For such retail investors of Indian stock market, one of the Rakesh Jhunjhunwala stocks have sustained above strong ₹102 hurdle and it is poised to go up to 40 per cent higher in near term. The stock we are talking about is Steel Authority of India Limited or SAIL and it is expected to go up to ₹144 per share levels in next 3 months.
According to stock market experts, SAIL share price has breached strong hurdle at ₹102 on closing basis and it has sustained above this level in recent sessions. They said that one can add this Rakesh Jhunjhunwala portfolio stock in one’s portfolio for short term target of ₹144 levels.
Highlighting the reasons for being bullish on this PSU stock; Sumeet Bagadia, Executive Director at Choice Broking said, “On a weekly chart, the Rakesh Jhunjhunwala stock has been forming Bullish Flag pattern, which is a continuation pattern and indicates a bullish presence for the long term. Moreover, the price has traded above Ichimoku Cloud formation and 50-weeks Simple Moving Average, which suggests a bullish strength for the long term. On the daily chart, the stock has been trading in Channel formation and also getting support at Middle Bollinger Band, which point-out some pull back in the near term.” The Choice Broking experts said that SAIL shares can be added in one’s portfolio for both short-term and long-term time-horizon.
On his suggestion to retail investors; Ravi Singhal, Vice Chairman at GCL Securities said, “Nifty metal index has recently given a breakout and it is expected to fuel SAIL share price rally in near term. My suggestion to retail investors is to buy SAIL shares at current market price for near term target of ₹130 and ₹144 maintaining stop loss at ₹97 apiece levels.” Ravi Singhal of GCL Securities said that any dip from current levels in the PSU metal stock should be seen as buying opportunity and one should keep on adding the stock till it is above ₹102 per share levels.”
Rakesh Jhunjhunwala share holding in SAIL
As per the shareholding pattern of SAIL, Big Bull Rakesh Jhunjhunwala holds 7.25 crore shares or 1.76 per cent stake in 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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