04 Jun , 2022 By : Kanchan Joshi
Rakesh Jhunjhunwala portfolio: In recent stock market sell-off, Federal Bank share price gave breakdown on chart pattern below Rs86. However, this Rakesh Jhunjhunwala-backed banking stock recovered soon and has managed to sustain above Rs90 levels. In its rebound post-breakdown, Federal Bank shares went up to Rs93 levels, which is its 200 days EMA (exponential moving average).
According to stock market experts, Federal Bank share price is placed at 50 per cent retracement levels from its recent fall. If the stock sustains above Rs90 on Monday session or in near term, then it may go up to Rs99 levels. However, in case of breaching Rs90, this Rakesh Jhunjhunwala may go up to Rs83 levels again.
Speaking on Federal Bank share price outlook, Mehul Kothari, AVP — Technical Research at Anand Rathi said, "Federal Bank stock underwent a breakdown below Rs86 mark in the month of May 2022. Then after we saw sharp recovery in the counter towards Rs93 mark. Recently the stock turned back from Rs93 mark, which was the placement of its 200 day EMA and also 50 per cent retracement of the previous fall. Thus for the coming sessions; only a move above 93 would reinforce the stock for further recovery towards Rs95 to Rs99 level. On the contrary; a breach of Rs90 mark would intensify the selling pressure and that might drag the stock back towards Rs86 Rs83 levels."
Advising 'buy on dips' strategy to positional investors, Sumeet Bagadia, Executive Director at Choice Broking said, "Federal Bank share price is currently trading in the range of Rs80 to Rs98 and it is facing small resistance at its 200 days EMA. So, small profit-booking is possible in the counter. One should buy Federal Bank around Rs86-87 apiece levels maintaining stop loss at Rs80 levels."
Rakesh Jhunjhunwala shareholding in Federal Bank
According to shareholding pattern of Federal Bank for Q4FY22, Rakesh Jhunjhunwala and Rekha Jhunjhunwala jointly hold 2.10 crore Federal Bank shares or 1.01 per cent stake in the company while Big Bull owns 5,47,21,060 shares or 2.64 per cent stake in the banking company in individual capacity. So, Jhunjhunwala couple holds 3.65 per cent stake in the banking company.
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