Rakesh Jhunjhunwala Portfolio Big Bull-backed Star Health Insurance got listed on the Indian stock exchanges on 10 December 2021. The public offering started with a discount, but in the later part of the listing date, it rose to the top. 940 each level, which is still its lifetime high. After climbing to the all-time high, this Rakesh Jhunjhunwala stock is in the heat of sell-off. Star Health shares are currently near their 52-week low 712.15 Each level. Hence, retail investors may be attracted to this stock as it is currently available at around 20 per cent lower than its upper price band. 900 per equity share.
According to stock market experts, those who have a long-term outlook have a good chance of buying this insurance stock at such a low level. However, for investors who have a short-term outlook, they are advised to wait and buy above Only 750 levels. Experts said that post-Covid, the company’s provisioning is expected to come down which will boost the company’s growth and net profit in the coming quarters.
Outlook of Rakesh Jhunjhunwala Holding Company speaking on this; Ravi Singhal, Vice Chairman, GCL Securities said, “During the Covid, most insurance companies had to increase their provisioning as they were facing a sudden spike in claims. Star Health Insurance was no exception. Post-19 pandemic, the net profit of Star Health Insurance Company is expected to grow rapidly following the fall in provisioning. Hence, we are expecting strong quarterly numbers from the company in the coming quarters.”
Telling short-term high-risk traders to wait; Sumeet Bagdia, Executive Director, Choice Broking said, “Investors having a short term outlook are advised to wait for a few sessions as it is in the short term. from 710 750. A bullish or bearish trend can be detected in the stock when it breaks either side of the range. Once Stock Gives Breakout On closing basis at 750 level, you can buy this Rakesh Jhunjhunwala stock for short term target 825 to maintain stop loss at 850 710.” However, Bagadia said that in violation of 710 support, Star Health shares may go below 660 650 levels.
Advising long term investors to add Rakesh Jhunjhunwala Portfolio stocks to their portfolio, Ravi Singhal of GCL Securities said, “One should take almost fresh position in the counter. 725 to 750 level for 6 months. the goal of from 1000 placing stop loss at 1100 640 each level.”
Shareholding in Rakesh Jhunjhunwala Star Health and Allied Insurance
According to exchange communication by Rakesh Jhunjhunwala pot-listing of Star Health Insurance Company, Big Bull and his wife Rekha Jhunjhunwala have invested in the company. Jhunjhunwala as a whole holds 10,07,53,935 shares of Star Health, which is about 17.50 per cent of the net paid-up capital of the company.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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