Rakesh Jhunjhunwala portfolio: A strong bull candle is forming in the Indian Hotels stock, indicating positive momentum. Higher top and higher bottom seems to be forming on the daily chart. Domestic brokerage and research firm HDFC Securities said that the stock has got a breakout and is rising rapidly.
Short term positive trend remains
The short term trend in the stock remains positive as it is trading above the major moving averages, the note said. Oscillators like Moving Average Convergence Divergence (MACD) and Directional Movement Index (DMI) are showing strength in the stock.
According to HDFC, trading of Plus DI above minus DI is indicating continuation of the current uptrend.
These 6 largecap stocks can give strong returns of up to 36%, including RIL and ICICI Bank
Keep stoploss of Rs 210
Keeping in view the above technical factors, the brokerage house has advised Indian Hotels to buy at 228.8 with a target of Rs 257-268 and average at Rs 219 over a period of 1-3 months. Also, it has been said to maintain a stop loss of Rs 210.
Indian Hotels stock has given strong returns of over 134 per cent in one year period. Multibagger stock has registered a strength of 34 per cent in 2022.
How much is Jhunjhunwala’s holding in Indian Hotels
According to the shareholding pattern of Indian Hotels for the quarter October-December 2021, both Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala are holding in this stock. Rakesh Jhunjhunwala’s holding in the company is 1,42,79,200 shares or 1.08 per cent. While Rekha Jhunjhunwala’s holding is 1,42,87,765 shares or 1.08 per cent.
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