Rakesh Jhunjhunwala Portfolio In the recent stock market sell-off, Federal Bank share price gave a breakdown on the chart pattern below 86. However, the Rakesh Jhunjhunwala-backed banking stock soon recovered and has managed to maintain the upside 90 levels. Federal Bank shares went up in a post-breakdown rebound 93 level, which is its 200 day EMA (exponential moving average).
According to stock market experts, federal bank share price Placed at the 50 percent retracement level from the recent decline. If stock stays up 90 in Monday’s session or near term, so it could go up 99 levels. However, in case of infringement This Rakesh Jhunjhunwala can go till 90 83 level again.
Speaking on the share price outlook of Federal Bank, Mehul Kothari, AVP – Technical Research at Anand Rathi said, “Federal Bank stock has declined. 86 points in the month of May 2022. After that we saw a faster recovery in the counter 93 points. recently returned out of stock 93 points, which was the placement of its 200-day EMA and also a 50 percent retracement from the previous decline. Thus for the coming sessions; Only a move above 93 would reinforce the stock for further recovery from 95 99 levels. opposite of this; violation of The selling pressure will increase further above the 90 mark and it may pull the stock back 86 83 levels.”
Advising the ‘Dips on Dips’ strategy to positional investors Sumeet Bagdia, Executive Director, Choice Broking said, “Federal Bank share price is currently trading in range. from 80 98 and it is facing minor resistance at its 200 day EMA. Therefore, short profit booking is possible over the counter. Federal Bank should buy around 86-87 Stop loss at each level is retained 80 levels.”
Rakesh Jhunjhunwala stake in Federal Bank
As per Federal Bank’s shareholding pattern 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 holds 5,47,21,060 shares or in the banking company. 2.64 percent stake. personal ability. So, the Jhunjhunwala couple has a 3.65 percent stake in the banking company.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.