Rekha Jhunjhunwala believes in this ₹290 stock. should you buy

Rekha Jhunjhunwala Shareholding

As per Canara Bank’s shareholding pattern from January to March 2023, Rekha Jhunjhunwala holds 3,75,97,600 shares of Canara Bank or 2.07 per cent stake in the bank. In the October to December 2022 quarter, Rekha Jhunjhunwala held the same 2.07 per cent stake or 3,75,97,600 Canara Bank shares. This means Rekha Jhunjhunwala has kept her faith in this 290 The stock has fallen about 13.50 percent in 2023, irrespective of Canara Bank’s share price.

Like Rekha Jhunjhunwala, stock market experts are also bullish on Canara Bank stock. He is of the view that Canara Bank share price is in a bull trend and may go higher 310 each level in the near term. He said that US Fed has flagged US inflation due to bank crisis in US and this is going to drive domestic market driven stocks like banking, auto, capital goods. real estate stock. He said that the freezing of interest rate will help Canara Bank to maintain its business as there is no shortage of cash for the bank.

Canara Bank Share PPrice Outlook

Canara Bank shares expected to bounce back after zero returns in Q1CY24, Avinash Gorakshkar, Head of Research, Profitmart Securities said, “Due to economic slowdown concerns by US Fed, US dollar is expected to feel the heat and so is FII expectation come back to the Indian markets. In that case, Canara Bank Shares can be one of the destinations where they can park their money from the money market. As Canara Bank shares are available at discounted prices and banking, auto and few other domestic market driven segments may outperform others, this PSU stock may show upside in the near term.

Avinash Gorakshkar said that the auto segment is also showing signs of recovery and hence the increase in demand and sales is going to lead to a jump in the banking business and can also benefit Canara Bank in auto lending.

Giving ‘Buy’ tag to Canara Bank shares, Sumeet Bagadia, Executive Director, Choice Broking said, “Canara Bank share price is looking strong on chart pattern and may move higher. from 300 310 each level in the near term. However, stop loss should be maintained 281 per level. 300 each level. Canara Bank share price may go up after getting breakout on closing basis 330 levels in very less time.

Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.