Many investors consider Rakesh Jhunjhunwala a great investor, but few know that he is also an excellent trader. He has explained his trading style in many press conferences. Not only do investors admire Jhunjhunwala’s investment strategy, the trading community also respects the Ace investor for their trading skills. The markets are trading at life highs and Big Bull Rakesh Jhunjhunwala has made some changes to his portfolio.
Sumeet Bagadia, Executive Director of Research at Choice Broking, recommends trading some of these stocks. These Rakesh Jhunjhunwala stocks include Titan, Tata Motors, Escorts, and Lupine.
Titan share price:
Sumeet says on the daily chart that Titan has formed a double-top pattern, which is a sign of a trend reversal. However, the breakdown is confirmed at 1415. The stock has moved below the formation of the Middle Bollinger Band, indicating weakness in prices. Volume has been falling in the last few days, suggesting a short-term bearish move. A momentum indicator RSI (14) & Stochastic showed a negative crossover that supports the bearish trend. The current share price of Titan is Rs 1468, an increase of Rs 8 or 0.6%.
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Tata Motors share price:
Sumeet suggests buying Tata Motors in cash at Rs 330 with a stop loss of Rs 210 and a target of Rs 365. On the daily chart, the stock has formed the Pennant Pattern, a bullish continuation pattern. Additionally, with support from Middle Bollinger, the price has seen an upward trend. A momentum indicator RSI & Stochastic has shown a positive crossover on the daily chart, indicating an uptrend. Due to the above technical structure, Sumeet expects the counter to have bullish strength up to the level of 365. The current share price of Tata Motors is unchanged at 330 rupees.
Lupine share price:
Sumeet says to buy Lupine at Rs 1075 and drops to 1023 with a stop loss of 980 and a target of Rs 1160 – Rs 1240. On a daily chart, the stock was trading in a symmetrical triangle pattern in which The stock has recently faced heavy upper band resistance showing weakness in the counter. Based on the above technical structure, Sumeet expects a minor correction to the 1023 level, from where a rebound can be seen and the stock can climb up to 1160-1240 while the downside support is at Rs 980. The current share price of Lupine is Rs 1058, around Rs 5 or 0.5%.
Escort share price:
On a daily chart, Escorts was trading in a rectangle pattern where the stock recently faced strong resistance from its upper band of the pattern, which is showing weakness in the numerator. In addition, Escorts has formed a shooting star candlestick formation with the resistance of the Upper Band of Formation, which is a bearish reversal formation and suggests a move of the counter south. Due to the above technical structure, Sumeet expects the meter to weak up to a level of 1300-1190 while the upward resistance is Rs 1470. The current share price of Escorts is unchanged at Rs 1377.