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Rekha Jhunjhunwala keeps faith in this ₹290 stock. Should you buy?

Rekha Jhunjhunwala portfolio: Despite zero return given by Canara Bank shares during January to March 2023 quarter, Rekha Jhunjhunwala has kept her fait in this PSU banking stock. Ace investor’s shareholding in Canara Bank has remained steady during Q4FY23.

As per the shareholding date of Canara Bank, Rekha Jhunjhunwala has remained steady with 2.07 per cent stake in this state-owned bank.

Rekha Jhunjhunwala shareholding

According to shareholding pattern of Canara Bank for January to March 2023, Rekha Jhunjhunwala owns 3,75,97,600 Canara Bank shares or 2.07 per cent stake in the bank.

In October to December 2022 quarter, Rekha Jhunjhunwala was holding 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 stock despite Canara Bank share price has depreciated around 13.50 per cent in 2023.

Like Rekha Jhunjhunwala, stock market experts are also bullish on Canara Bank shares.

They are of the opinion that Canara Bank share price in in bull trend and it may go up to 310 apiece levels in near term.

They said that US Fed has flagged off US inflation jitters due to bank crisis in US and it is going to drive domestic market driven stocks like banking, auto, capital goods and real estate stocks.

They went on to add that interest rate paus is going to help Canara Bank to sustain its business as there is no liquidity crunch for the bank.

Canara Bank share pprice outlook

Expecting bounce back in Canara Bank shares after zero return in Q1CY24, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Due to economic slowdown concern raised by the US Fed, US dollar is expected to feel the heat and hence FIIs are expected to come back at Indian markets.

In that case, Canara Bank shares can be one of the destinations where they can park their money stashed from the currency market.

As Canara Bank shares are available at discounted price and banking, auto and some other domestic market driven segment stocks may outperform others, this PSU stock may showcase upside in near term.”

Avinash Gorakshkar said that auto segment is also dropping signs of recovery and hence rise in demand and sales is going to provide leap in banking business and Canara Bank having exposure in auto lending may benefit from this as well.

Giving ‘buy’ tag to Canara Bank shares, Sumeet Bagadia, Executive Director at Choice Broking said, “Canara Bank share price is looking strong on chart pattern and it may go up to 300 to 310 apiece levels in near term.

However, one must maintain stop loss at 281 apiece levels.

“Sumeet Bagadia of Choice Broking went on to add that the stock is on cusp of giving breakout at 300 apiece levels.

Once it gives breakout on closing basis, Canara Bank share price may go up to 330 apiece levels in very short term.


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