The share of Canara Bank has strengthened by more than 10 percent in the last 1 month, while it has given about 43 percent returns in the last 1 year.
Rakesh Jhunjhunwala Portfolio: Even though there is a period of decline in the market, but the strong share of the banking sector, Canara Bank continues to grow. The share of Canara Bank has strengthened by more than 10 percent in the last 1 month, while it has given about 43 percent returns in the last 1 year. This stock is included in the portfolio of market veteran Rakesh Jhunjhunwala. The special thing is that mutual funds and the country’s largest insurance company LIC are also trusted on this banking stock. There has also been a breakout in the stock recently, after which the rally has increased.
Mutual fund increases stake in Canara Bank
As per the June quarter shareholding pattern, mutual funds have increased their stake in Canara Bank to 3.44 per cent. Mutual funds had a 3.22 per cent stake in this bank in the March quarter. At present, the number of mutual fund holders is 22 and they hold a total of 62,494,051 shares in the bank. The holding of FIIs in the bank is around 8 per cent. DII has also increased the holding from 13.6 per cent to 13.8 per cent. Promoters’ holding is 62.9 percent and public holding is 15.3 percent.
The trust of Rakesh Jhunjhunwala and LIC is also maintained
Rakesh Jhunjhunwala and LIC also have confidence in Canara Bank. Rakesh Jhunjhunwala has not sold a single share of the bank in the June quarter. He has a 2 per cent stake in the bank. The bank has 35,597,400 shares in his portfolio. He held the same number of shares in the bank in the March quarter as well. The trust of LIC also remains on the bank. In the June quarter, the insurance company held 8.83 per cent stake in the bank and totaled 160,267,464 shares. There is no change in shareholding as compared to March quarter.
Breakout in Canara Bank
According to brokerage house Axis Securities, the shares of Canara Bank have made a breakout of the Daily Sloping Channel on a closing basis from around the level of 200 on the daily chart. This breakout has happened with significant volume which is an indication of increasing participation. The stock has recaptured its 20 and 50 Day SMA and remains above it. Daily and weekly strength indicators RSI is in bullish mode. The stock may soon show a level of Rs 235.
