Rakesh Jhunjhunwala Portfolio is followed closely by retail investors and market observers as it helps them to choose the price with ease. News like change in stake by a veteran investor, any major movement in their portfolio stocks are some of the key indicators that they look for while scanning Rakesh Jhunjhunwala Holdings. There is good news for such observers and investors. One of the stocks of Rakesh Jhunjhunwala, Tata Communications has given fresh breakout above On the basis of closing at 1280 level and experts are expecting further rise in this share of Tata.
speaking on Rakesh Jhunjhunwala Portfolio Stocks, Mudit Goyal, Senior Research Analyst, SMC Global Securities said, “For the past six months, tata communications share price Remains in consolidation phase, but has made some sharp jumps over the past month. In this upside movement it has given a breakout above the 100 and 200 DMA 1280 each level depending on the ending.”
Mudit Goyal of SMC Global Securities further said that Tata Communications shares have formed an ‘inverse head and shoulders’ pattern on the daily chart which indicates an ‘uptrend’ in the stock in the near term.
Echoing the thoughts of Mudit Goyal; Ravi Singhal, Vice Chairman, GCL Securities said, “After delivering the latest breakout, Tata has been placed on immediate support for this stock. 1269 while its immediate resistance is placed at approx. 1470. As the stock is in an uptrend, we are expecting the stock to rise to its immediate hurdle in the near term. Therefore, those who have this stock in their portfolio are advised to hold the stock further, while new investors can wait for the downside as the stock has already risen significantly in the recent sessions.
Rakesh Jhunjhunwala stake in Tata Communications
Rakesh Jhunjhunwala has invested in this company through his wife Rekha Jhunjhunwala. As per the shareholding pattern of Tata Communications for Q3 FY2021-22, Rekha Jhunjhunwala holds 30,75,687 shares or 1.08 per cent stake in the company. The shareholding of the company for Q4FY22 is still awaited.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
download
The app will get 14 days of unlimited access to Mint Premium absolutely free!