01 Dec , 2021 By : Kanchan Joshi
Rakesh Jhunjhunwala portfolio: After climbing to its 52-week high of Rs536.70 levels, Tata Motors share prices have been under profit-booking pressure. The Rakesh Jhunjhunwala stock witnessed further correction after giving breakdown at Rs500 per share levels. According to stock market experts, this happened due to the weak Q2 results of the auto major. However, they said that Tata Motors is a quality stock and weak year-on-year result is mainly due to the recent Covid-19 lockdown and restrictions imposed across nation. They said that the stock is again available at discounted price and one should add the stock for long term.
Advising 'buy on dips' strategy in regard to this Rakesh Jhunjhunwala portfolio stock; Sumeet Bagadia, Executive Director at Choice Broking said, "People should wait for few more sessions as the stock may continue to witness some more profit-booking. But, Tata Motors shares have strong support at Rs440 levels and any dip in the stock from here should be seen as buying opportunity. One can buy the counter for short to medium term target of Rs500 maintaining stop loss at Rs440 levels."
Speaking on recent rise in Tata Motors shares; Ravi Singh, Head of Research & Vice President at ShareIndia said, "Post Covid pandemic, most of the industries have emerges from its low, auto industry companies are also giving signs of high operating and financial leverage gains with its lean cost structure and refreshed model portfolio. Tata Motors rebound is mostly contributed by the increase in demand in its JLR global luxury wing."
Advising long term investors to wait for some more correction, Ravi Singh of ShareIndia said, "Tata Motors share price has given breakdown around Rs500 levels and are under pressure after making swing high of Rs536.70 recently. The fall in the stock seen supportive volume on daily chart, which indicates weakness will remain intact in short term." He said that the stock has strong support zone at Rs430 to Rs440 per share levels and one should buy the stock around these levels for long term.
Rakesh Jhunjhunwala share holding in Tata Motors
According to Tata Motors shareholding pattern for July to September 2021 quarter, Rakesh Jhunjhunwala holds 3,67,50,000 shares or 1.11 stake in the company.
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