30 Nov , 2021 By : Kanchan Joshi
Rakesh Jhunjhunwala portfolio: Amid Omicron virus concern, stock market experts have been recommending positional investors to pick quality stocks available at discounted price. In this regard, they recommended investors to buy Canara Bank shares even though there is high volatility in the PSU bank stock on new Covid variant concern. They said that Rakesh Jhunjhunwala stock is trading below Rs200 where its risk-reward ratio is quite high.
Highlighting upon the reasons that makes this Rakesh Jhunjhunwala portfolio stock a value pick; Ravi Singh, Head of Research & Vice President at ShareIndia said, "All the momentum indicators like Stochastic, MACD, RSI and most of the MAs are showing weakness on intraday and daily charts. Overall market scenario is negative since last week due to FIIs outflows, fear of new Covid variant and economic bottlenecks. Canara Bank share is also showing high volatility and is trading in profit booking zone."
Echoing with Ravi Singh's views; Sumeet Bagadia, Executive Director at Choice Broking said, "Short-term traders can buy Canara Bank shares at around Rs200 levels for immediate target of Rs215 levels maintaining stop loss at Rs190." He said that one can hold the counter for Rs230 target as well.
However, Ravi Singh of ShareIndia advised investors to take positional call in Canara Bank shares citing, "Canara Bank shares have strong support at Rs190 and Rs180 levels. Investor should take fresh buy positions in Canara Bank around Rs190 levels for the target of Rs220 for a good risk and reward ratio."
Rakesh Jhunjhunwala shareholding in Canara Bank
According to Canara Bank shareholding pattern for July to September 2021, Rakesh Jhunjhunwala holds 2,90,97,400 Canara Bank shares, which is 1.60 per cent of the total issued paid up capital of this PSU bank.