Rakesh Jhunjhunwala portfolio: After trading sideways for last few weeks, Federal Bank shares today broke its upper hurdle and climbed to a new life-time high of ₹142.20 apiece on NSE in early morning deals. Federal Bank share price today opened at yesterday’s close of ₹136.75 and went on to hit the new life-time high within an hour of stock market’s opening bell today.
According to stock market experts, the banking stock is expected to maintain its uptrend and it may soon hit ₹155 to ₹158 levels in short term. However, they maintained that the stock is a portfolio stock and one should hold this banking stock for medium term target of ₹165 and long term target of ₹190 levels. They said that the stock has given fresh breakout at ₹140 after forming higher top higher bottom formation.
Speaking on Federal Bank share price outlook, Anuj Gupta, Vice President — Research at IIFL Securities said, “Federal Bank share price has given saucer pattern breakout at ₹140 on charts that signals further uptrend in coming sessions. The stock has witnessed substantial volume and higher top higher bottom formation on daily chart pattern. So, those who have this stock in their portfolio are advised to hold the stock further for short term target of ₹155 to ₹158 apiece levels. For those who have long term view, can hold this banking stock for long term target of ₹190 apiece levels.” However, he advised Federal Bank shareholders to upgrade their trailing stop loss at ₹118 per share levels.
On those who want to buy Federal Bank shares now, Manoj Dalmia, Founder & Director at Proficient Equities said, “High risk traders can buy Federal Bank shares at current levels maintaining strict stop loss at ₹130 and keep on accumulating till it sustains above ₹135 apiece levels. One can hold the stock for long term target of ₹185 to ₹190 apiece as it is one of the portfolio stocks that one can think of adding to one’s stock portfolio.”
Rakesh Jhunjhunwala shareholding in Federal Bank
According to Federal Bank shareholding pattern of for July to September 2022 quarter, Rakesh Jhunjhunwala holds 5,47,21,060 Federal Bank shares, which is 2.63 per cent of total paid up capital of the company.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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