Shares of Canara Bank is one of the 3 new stocks added by Big Bull Rakesh Jhunjhunwala to his portfolio in the July to September 2021 quarter. This Rakesh Jhunjhunwala stock is battling selloff after closing at a high of ₹244.25 on NSE in 2021. However, Canara Bank share price has started showing an upward trend and experts are extremely bullish on this counter as they expect a sharp jump in Nifty Bank index this week.
According to stock market experts, the Nifty Bank index can give a sharp jump this week and Canarabank’s shares can benefit from the fresh buying this week. Experts said that Rakesh Jhunjhunwala Portfolio stock may go up to ₹250 in near term and advised investors to include this PSU Banking stock in their portfolio.
Advice to stock market investors to buy Canara Bank shares; Choice Broking Sumeet Bagdia said “Rakesh Jhunjhunwala’s Portfolio stock is currently trading around Rs 200 level and has shown some upside signals in the last week’s trade. The stock looks positive on the chart pattern as well and hence it is in this category.” Buying can be done on the current market price with a stop loss of Rs 185 for a target of Rs 225 to Rs 230. According to Choice Broking, after breaking the level of Rs 225 to Rs 230, this stock can go towards the level of Rs 250.
Rakesh Jhunjhunwala Portfolio of ICICI Securities is a buy on this multibagger metal stock
Anand Dama, Emkay Global, said, “Despite moderate annual credit growth of 6 per cent and soft NIM, Canara Bank posted a profit of Rs 13.3 billion as against our estimate of Rs 8.8 billion, mainly from higher treasury earnings, provisions and DHFL. Cash recovery contributed.” Emkay Global also advised investors to buy Canara Bank for the long term.
As per the Canara Bank shareholding pattern for the second quarter of FY 2022, Rakesh Jhunjhunwala holds 2,90,97,400 shares of Canara Bank, which is part of the total issued paid up capital of the PSU bank, according to Mintkey news. is 1.60 percent.
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