Rakesh Jhunjhunwala Portfolio: Experts give ‘buy’ tag to this multibagger stock

According to stock market experts, this multibagger stock chart of Rakesh Jhunjhunwala’s portfolio is looking positive on the pattern and it may go up. 250 per share level in the next one month. He said Canara Bank shares have strong support 205 and the recent correction in the banking counter has created a good buying opportunity for the stock market investors.

Advising the ‘Dips on Dips’ strategy in this multibagger stock from Rakesh Jhunjhunwala’s portfolio; Sumeet Bagadia, Executive Director, Choice Broking said, “Canara Bank share price has corrected somewhat, which makes it an ideal buy on dips stock for positional investors. One can buy Canara Bank shares immediately at the current market price. Can buy for short term target. 235. This counter can be kept for one month target 250 as well as keeping the stop loss at 205.”

Speaking on the fundamentals of Canara Bank; Anand Dama, Research Analyst, Emkay Global, said, “Despite modest credit growth of 6 per cent year-on-year and soft NIM, Canara Bank reported a strong loss on PAT. 13.3 billion compared to our estimate 8.8 billion, primarily helped by higher Treasury earnings, which included provisioning and cash recovery from DHFL. The bank has guided for 7-8 per cent credit growth and low slippage of around 1.7-1.8 per cent in FY22, which, coupled with shifting of NPAs to NARCL, could lead to further reduction in GNPA,” he added. Advised can buy Canara Bank shares for long term.

Rakesh Jhunjhunwala holding in Canara Bank

As per the shareholding pattern of Canara Bank for the July to September 2021 quarter, Rakesh Jhunjhunwala holds 2,90,97,400 shares or 1.60 per cent stake in this public sector bank.

Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.