These Rakesh Jhujhunwala-owned stocks can rally up to 20%, charts suggest

Titan and Escorts look promising on the charts, while Star Health and Allied Insurance, Nazara Technologies and Rallis India need to conquer major hurdles for further gains, technical charts suggest.

Ace investor, Rakesh Jhunjhunwala, also known as the 'Big Bull' of Indian stock market passed away on Sunday August 14, 2022 at the age of 62 due to a cardiac arrest. His legacy and financial consciousness remains irreplaceable. In the trading community, he was considered as Perma Bull - one who always believed in buying shares of companies, rather than offloading them. Jhunjhunwala was also philanthropist who decided to give away part of his wealth to charity.  

His investing journey began with merely Rs 5,000 investment in 1985, which today stands at over $5 billion. As of date, his major investments stand in Titan Company, Star Health and Allied Insurance Company, Tata Motors, Escorts and CRISIL. 

Here’s a technical outlook of select stocks from Rakesh Jhunjhunwala's portfolio:-

Titan Company Ltd (TITAN)

Likely target: Rs 3000

Upside potential: 20%

The recent sharp rebound in a perpendicular fashion suggests a robust momentum in the stock, as per the daily chart. The stock has conquered the 200-day moving average (DMA), a crucial indicator for traders, exhibiting a positive trend ahead. The 200-DMA is positioned at Rs 2,363. The bullish outlook is also the result of overpowering the weekly obstacle at Rs 2,250 mark, which now hints at a new historic peak of Rs 3,000. CLICK HERE FOR THE CHART

Star Health and Allied Insurance Com Ltd (STARHEALTH)

Outlook: Needs to conquer Rs 780 mark

While there is a V-shaped recovery in the stock, however, unless and until the resistance at Rs 780 is not conquered, bulls may not trigger fresh longs at the counter. For now, the trend is stable and unless Rs 630 does not get violated, the positive bias is here to stay.  CLICK HERE FOR THE CHART

BS Special: How did Rakesh Jhunjhunwala make his billions?

Nazara Technologies Ltd (NAZARA)

Outlook: Breakout above Rs 730

Nazara Technologies shares need to cross Rs 730 to evolve a “Inverse Head and Shoulder” breakout. As and when this happens, the stock may zoom to Rs 900-mark, its next imminent hurdle. The Rs 600 mark stays as the support and may seek to rise upward as the Moving Average Convergence Divergence (MACD) has successfully jumped over the zero line, shows the daily chart. CLICK HERE FOR THE CHART

Escorts Ltd (ESCORTS)

Likely target: Rs 1,900

Upside potential: 10%

Shares of Escorts are firmly making efforts to hold the support of 200-DMA set at Rs 1,697. The recent reversal mark near Rs 1,600 remains a major support. And the positive trend could help the stock head towards Rs 1,900. CLICK HERE FOR THE CHART

Rallis India Ltd (RALLIS)

Outlook: 200-DMA resistance

The 200-DMA resistance for Rallis India is placed at Rs 235 mark, unless and until this hurdle is not crossed, the positive bias may not hold ground for much duration. The immediate support for the stock is seen at Rs 215 and thereafter at Rs 202, which are its 100-DMA and 50-DMA levels, respectively.  CLICK HERE FOR THE CHART