A breakout can be seen in this stock at Rs 102. This is the right time to buy it.
The shares of Federal Bank, included in Rakesh Jhunjhunwala’s portfolio, were swinging between Rs 80 to Rs 100 for the last six months. Till a few weeks ago, a breakout above Rs 100 was expected in this stock, but due to Omicron’s growing fears, the fall in the global market also affected domestic banking companies and this stock could not climb up. But stock market experts say that this is the right time, when this stock can be bought. Experts say that this stock is currently showing a decline, so in the medium term it is the right time to buy it at the target price of Rs 144.
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Federal Bank stock target price
According to experts, this stock is trading between Rs 80 to Rs 100 for the last six months. However, a breakout of Rs 102 can be seen in this stock. In fact, due to Omicron’s fears, profit-booking started in this stock and it had come down to Rs 80. But this is the right time to buy it. In the short to medium term, it can be invested by keeping a target price of Rs 120 to Rs 144 for this.
Know at which level there is strong support
Sumit Bagadiya, Executive Director, Choice Broking says that at present this stock is trading at Rs 81. Buying can be done in this stock at the current level as it can see good gains going forward. Short term investors can buy it according to the target price of Rs 98 to 100. But if it gives breakout above Rs 100 then in short term it can go up to Rs 120. Ravi Singhal, Vice Chairman of GCL Securities, says that strong support is visible in this stock at 66. In the short to medium term, it can be bought with target prices of Rs 120 and Rs 144. Its stop loss is kept at Rs 66.
As per the current shareholding pattern, Rakesh Jhunjhunwala holds 5,47,21,060 shares of Federal Bank. This is equivalent to 2.64 percent stake in this bank. Jhunjhunwala’s wife Rekha Jhunjhunwala holds 1.01 percent stake in it.
(The stock recommendations given in the story are those of the respective research analyst and brokerage firm. Financial Express Online takes no responsibility for the same. Investments in capital markets are subject to risks. Please consult your advisor before investing.)
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