- Sanjiv Bhasin of IIFL Securities has recommended short term traders to buy Axis Bank shares this week
Sanjiv Bhasin’s stock picks: After consolidation within a narrow range for entire week, Indian stocks finally witnessed selling pressure on the weekend session. However, Bank Nifty index showed relative outperformance and ended at its all-time high and posted weekly gains of over a per cent. NSE Nifty finished 112 points lower at 18,496 whereas BSE Sensex lost 389 points and closed at 62,181 levels. Bank Nifty index ended 36 points higher at 43,633 mark.
Sanjiv Bhasin, Director at IIFL Securities believes that Dalal Street will bounce back strongly as Chinese stocks have witnessed global ETF flows as the reopening has sent confidence in global investors, with valuations currently being cheapest in over 2 years. Sanjiv Bhasin of IIFL Securities went on to add that 50-stock index Nifty is likely to find support at around 18,450 levels whereas its immediate resistance is placed at 18,850 mark. Sanjiv Bhasin further added that Bank Nifty is finding support at 42,300 levels whereas it is facing hurdle at 44,000 mark.
Speaking on Indian stock market outlook, Sanjiv Bhasin said, “In early morning deals on Friday, Asian stocks opened in green following strong US cues. Chinese stocks are seeing global ETF flows as the reopening has sent confidence in global investors, with valuations currently being cheapest in over 2 years.”
Sanjiv Bhasin’s stock picks for next week
Asked about his stock picks for next week, Sanjiv Bhasin of IIFL Securities said that short term traders can buy Axis Bank shares whereas future & option (F&O) traders can look at Samvardhana Motherson International December futures and GAIL December futures.
Sanjiv Bhasin stock market strategy
On market outlook for this week, Sanjiv Bhasin of IIFL Securities said, “Nifty is likely to find support at around 18450. 18850 is likely to act as resistance. Bank Nifty is likely to find support at around 42300. 44000 is likely to act as resistance on the upside.”
Here we list out full details in regard to Sanjiv Bhasin’s stock market strategy for this week:
Short Term (2-3 days): Buy Axis Bank at ₹935-940. Stop Loss: ₹921. Target: ₹975.
Trading ideas (Time period: 1- 2days): Buy GAIL December future @ 93-93.5. Stop loss: 91.35. Target: 95.5.
Derivative Strategy (Time Period: 1 month): Buy Motherson December future @ 74-74.5. Stop loss: 72.70. Target : 76.
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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