- Stocks to buy this week: IIFL Securities expert says that Indian IT companies may improve overseas business revenue on strong European markets
Stocks to buy this week: Following strong global cues, Indian stock snapped three days losing streak and ended higher on Friday session last week. NSE Nifty surged 98 points and closed at 17,956, BSE Sensex shot up 303 points and regained 60,000 levels while Nifty Bank index logged 289 points gain and closed at 42,371 mark. After encouraging third quarter results in current fiscal and positive guidance from the frontline IT companies, IT stocks witness huge buying interest in the previous session.
Stocks to buy today
Anuj Gupta, Vice President — Research at IIFL Securities believes that Nifty has been able to sustain above the crucial 17,780 support and the market has bounced back twice after coming close to this range. The IIFL Securities expert went on to add that pull back rally on Friday is an indication that Dalal Street is trading range-bound to positive in 17,780 to 18,250. For the week ahead, he advised traders and investors to assume broader Nifty range in between 17,750 to 18,500) and said that bullish or bearish trend can be concluded on breakage of either side of the given range. Asked about stocks to buy today that can give whopping returns in the week ahead, Anuj Gupta of IIFL Securities recommended 5 shares to buy today and those 5 shares are IDFC First Bank, HDFC Bank, Infosys, Tata Motors and Tata Steel.
“As European markets have surged to record higher levels, Indian IT companies are expected to perform better as they get huge traction from the European countries in their overseas business. Apart from this, banking and metal stocks are expected to continue attracting the market bulls. In fact, Tata Motors is also expected to outperform its peers as JLR numbers are expected to go strong to stronger in strong European markets,” said Anuj Gupta of IIFL Securities.
Here we list out 5 stocks to buy today for whopping returns by the end of this week:
1] Tata Steel: Demand in the metal segment and higher base metal prices are expected to fuel this Tata group stock. One can buy Tata Steel shares at current market price for the target of ₹128 apiece levels. However, one must maintain strict stop loss at ₹114 per share levels.
2] Tata Motors. Due to higher JLR number and strong European markets, Tata Motors share price is expected to bounce back from its lows and one can initiate momentum buying in the scrip at current market price for short term target of ₹450 maintaining stop loss at ₹288 apiece levels.
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3] Infosys: After encouraging Q3FY23 results and positive guidance by frontline IT companies, IT stocks received strong buying on Friday and the trend is expected to continue this week as well. One can initiate buying in Infosys shares at current price for near term target of ₹1565. However, one should keep stop loss at ₹1454 levels while taking fresh position in this bellwether IT scrip.
4] IDFC First Bank: One can buy IDFC First Bank shares at CMP for short term target of ₹74 apiece levels maintaining stop loss at ₹52.
5] HDFC Bank: After strong Q3FY23 results on Saturday, HDFC Bank shares are expected to move upside and hence strong buying interest is expected in the banking scrip. One can initiate momentum buying in HDFC Bank shares at market price for short term target of ₹1670 maintaining stop loss at ₹1558 apiece levels.
In European markets, FTSE 100 index hit record high of 7,864.95 on Friday, CAC 40 index has climbed above 7,000 levels and just around 200 points away from its life-time high of 7,227.35Euro Stoxx 50 index ended at 4,150 levels, which is less than 200 points lower from life-time high. DAX index has been in continuous uptrend since September 2022 and it is around 1,000 points away from its 52-week highs.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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