Rakesh Jhunjhunwala Portfolio Canara Bank share price is oscillating today 230 per share level, which is a major breakout level for the PSU Banking stock on the chart pattern. According to stock market experts, this share of Rakesh Jhunjhunwala is on the verge of breakout. 230 each level. once it stays up He said that at the level of Rs 230 per share, the shares of public sector banks may rise in the near future.
New breakout expected in this Rakesh Jhunjhunwala Stock, Rohit Singre, AVP – Research, Bonanza Portfolio, said, “Canara Bank stocks may face breakout 230 per share level. Once the stock gives a breakout above Based on the closing at 230 each level, it will find strong support at 220 each level. After the breakout, the stock has minor hurdles 250 more 270 levels each. Hence, a sharp rally can be expected after the stock’s breakout in the near future.”
Speaking on the factors which could fuel the Canara Bank share price rally; Avinash Gorakshakar, Head of Research, Profitmart Securities, said, “The market is bullish on Canara Bank shares due to two reasons – the unlock theme and the government’s focus on the infrastructure sector. Due to mitigating the COVID-19 impact, the unlock theme has been extended to banking and various other sectors.” Other sectors. As Union Finance Minister Nirmala Sitharaman announced a special focus on infrastructure sector in her Budget 2022, there could be huge lending demand from infra players from public sector banks. Since Canara Bank Being one of the leading PSU Bank in India, we expect to benefit from this infrastructure oriented growth in demand.”
On the current fundamentals of Canara Bank, Avinash Gorakshakar of Profitmart Securities said, “Due to the easing of COVID-19 restrictions, Canara Bank has been able to reduce provisioning, allowing the state-owned bank to double its net profit in Q3FY22. Besides this, the PSU bank has been able to register strong recovery from band loans in this period as well. Now, the market is expecting this great performance of the bank in Q4 as well.”
Rakesh Jhunjhunwala’s stake in Canara Bank
According to Canara Bank’s shareholding pattern for October to December 2021, Rakesh Jhunjhunwala’s stake in the state-owned bank is 2,90,97,400 shares or 1.60 per cent stake in the bank.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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