This Jhunjhunwala stock hit record high for second session, mcap above Rs 50k crore; here's what analysts say 

Shares of Federal Bank hit their record high for the second straight session on Thursday. Federal Bank shares climbed to a record high of Rs 216.90 in the current session against the previous close of Rs 215.30 on BSE. On Tuesday, the stock hit a high of Rs 216.20. Rekha Rakesh Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala, held 3.45 crore shares or 1.42 per cent stake in the private lender at the end of September 2024 quarter. 

Market cap of the bank on Thursday stood at Rs 52,826 crore. The banking stock has a one-year beta of 0.9, indicating average volatility during the period.

Total 1.36 lakh shares of the bank changed hands amounting to turnover of Rs 2.92 crore on BSE.

In terms of technicals, the relative strength index (RSI) of the stock stands at 65.6, signaling the stock is trading neither in the oversold nor in the overbought zone. Federal Bank shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Jigar S Patel, manager at Anand Rathi said, "Support will be Rs 210 and resistance at Rs 217. A decisive move above the Rs 217 level may trigger a further upside of Rs 222. The expected trading range will be between Rs 210 to Rs 222 in the short-term."

AR Ramachandran, SEBI registered Independent analyst says, "Federal Bank stock price is bullish but also slightly overbought on the Daily charts with next resistance at 221. Investors should be booking profits at current levels as a Daily close below support of 208 could lead to target of 192 in the near term."

Brokerage Nuvama has a price target of Rs 235 on the banking stock. 

Centrum Broking has a buy call with a price target of Rs 250 on the stock. 

"With the management transition, investors have set clear priorities: 1) enhancing NIMs, 2) reducin opex, and 3) improving the overall return profile. The new leadership has indicated that they will outline their strategic approach to address these areas by the next quarter. We view these development very positively. Also, we roll over to 1HFY27E and continue to assign 1.5x P/B to arrive at our revised target price of Rs 250. Maintain BUY with an upside of 35% from current levels," said Centrum Broking. 

The bank reported a 10.8% rise in net profit to Rs 1056.7 in Q2 compared to rS 954 crore in the same quarter last year.

Total income rose to Rs 7,541 crore in Q2 against Rs 6,186 crore in the same quarter last year. The bank reported an interest income of Rs 6,577 crore during the quarter, higher than Rs 5,455 crore in the same period a year earlier.