Rakesh Jhunjhunwala earned 4,000 crores in 2021 from this stock, should you buy?

Rakesh Jhunjhunwala’s Portfolio: Rakesh Jhunjhunwala’s portfolio stock ‘Titan Company’ rose 62 per cent to Rs 2,524.35 per share from Rs 1,551 per share in calendar year 2021. Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala together hold 4.87 per cent stake or 4.33 crore shares of Titan.

On the first trading day of CY2022, Titan shares were trading weak at Rs 2,508.30, down 0.6 per cent from the previous close of Rs 2524.35. Technical analysts of the stock market say that Titan has given excellent returns due to the bullish sentiment in CY21 as well as the easing of COVID-19 restrictions regarding the festive and marriage season.

In the past one year, the share price of Titan has increased from Rs 1,551 (January 4, 2021) to Rs 2,524.35 (as of December 31, 2021), taking Rakesh Jhunjhunwala’s net worth during the period to Rs 4,214 crore. In the last six months, the stock has gained 43.53 per cent and more than 6 per cent in a month.

Technically, 2570 Titan remains a strong resistance for the company. Experts say that long-term investors should book profits at these levels and wait for levels near 2180-2200 for better returns this year.

Analysts say that technically Titan Company remains bullish. After building a high point at 2677, in the last quarter of CY21, the stock remained in a defined range after a corrective move. It seems to have resumed its momentum again after taking support near its 100-DMA.

According to experts, the stock is now trading above all its major moving averages. Investors holding this stock should keep investing in it. Investors can stay invested by maintaining a stop loss of Rs 2200 on a closing basis.

Disclaimer: (The information provided here is for informational purposes only. It is important to mention here that investing in the market is subject to market risks. Always consult an expert before investing money as an investor. Anyone from ABPLive.com Also investing money is never advised here.)

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