This share of Rakesh Jhunjhunwala rose 114 percent in one year, brokerage firm also advised to buy

Rakesh Jhunjhunwala Portfolio: Domestic brokerage firm ICICI Securities said that the stock price of National Aluminum (Nalco) has been rising steadily and earlier crossed its four-year limit in October 2021. A breakout has occurred.

The brokerage firm’s note said, “The overall growth since October 2020 is well indicated by continued demand and an incremental buying opportunity in the lower band of the rising channel. The stock has recently rebounded taking support at the lower band of the ascending channel, thus providing an opportunity for fresh entry,” the note said.

ICICI Securities expects the metal stock to continue with its positive momentum and move towards ₹116 levels (target price) with a three-month time frame and a stop loss of 91.

The note said that the stock has recently rebounded taking support at its 100 days EMA (currently placed at ₹93), which has acted as a major support since November 2020, highlighting the positive price structure .

Jhunjhunwala’s share
As per BSE shareholding pattern, veteran investor and stock market trader Rakesh Jhunjhunwala holds 1.36% stake in PSU company NALCO as of September 2021. NALCO shares have given multibagger returns as the metal stock has gained over 114% in a year. NALCO is a Navratna CPSE under the Ministry of Mines. The company has integrated and diversified operations in Mining, Metals and Power.

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