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Rakesh Jhunjhunwala stock retraces 35% from 52-week high. Should you buy

23 Jun , 2022   By : Kanchan Joshi


Rakesh Jhunjhunwala stock retraces 35% from 52-week high. Should you buy

Rakesh Jhunjhunwala portfolio: Canara Bank share price has been under sell-off heat throughout this month. The state-owned banking stock is currently quoting around Rs180 per share, which is Rs92.50 down from its 52-week high of Rs272.80 levels. So, Canara Bank share price today is available at around 35 per cent discount that may attract positional investors looking for quality stocks available at discounted price.


According to stock market experts, this Rakesh Jhunjhunwala stock has given breakdown at Rs188 levels and it may further go down towards Rs162 levels. They advised positional stock market investors to buy Canara Bank shares around Rs162 support zone and maximise one's benefit in long term.


Speaking on this Rakesh Jhunjhunwala portfolio stock, Manoj Dalmia, Founder & Director at Proficient Equities Limited said, "Canara Bank share price has broken major support at around Rs188 levels, the stock might retrace a bit from current levels and might fall further till Rs162 apiece levels. Investors can buy this at Rs162 levels to gain the maximum benefit."


Advising positional investors to invest in a calibrated manner, Anuj Gupta, Vice President — Research at IIFL Securities said, "Canara Bank share has immediate support place at Rs175 and Rs160 apiece levels. One can start accumulating Canara Bank shares maintaining buy on dips strategy. However, one must maintain strict stop loss at Rs157 while taking fresh position in this state-owned banking counter."


Rakesh Jhunjhunwala shareholding in Canara Bank


According to Canara Bank shareholding pattern for January to March 2022 quarter, Big Bull Rakesh Jhunjhunwala owns 3,55,97,400 shares, which is 1.96 per cent of total paid-up capital of the PSU bank.


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