Sanjiv Bhasin’s stock picks: Following sharp recovery in the US stock market on Thursday, Indian stocks managed to end higher on Friday. Upside on Dalal Street on Friday helped key benchmark indices to trim its weekly losses. NSE Nifty gained 171 points and brought down its weekly losses to the tune of nearly 1 percent.
Sanjiv Bhasin, Director at IIFL Securities believes that weakness in the US dollar seen on Thursday helped Asian stocks including India’s Dalal Street to record some recovery in their weekly losses. Sanjiv Bhasin of IIFL Securities went on to add that Nifty 50 index may face resistance at around 17,450 levels next week whereas 17,000 is expected to act as major support for the 50-stock index.
Speaking on the reason for rise in Indian stock market on Friday, Sanjiv Bhasin said, “Asian markets opening in green on Friday has been propelled by the sharp rally overnight in US equity markets. The US dollar weakness seen yesterday is also acting as a positive cue. Japanese ‘Nikkei’ is trading higher by over 720 points in early trade. ASX & New Zealand indices are also up smartly. Most indices are trading higher. Chinese stocks could also see ETF flows as reopening could see consumption led demand take off. “
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 HCL Tech for two to three days. For Future & Option traders, the IIFL Securities director advised to look at Infosys October Futures whereas Derivative segment traders can bet on ICICI Bank October Futures.
On Nifty and Bank Nifty’s technical outlook for next week, Sanjiv Bhasin said, “Nifty 50 index is likely to find support at around 17,000 levels whereas 17,450 is likely to act as resistance on the upside. Bank Nifty index is likely to find support at around 38,600 levels whereas 39,700 is likely to act as resistance on the upside.”
Sanjiv Bhasin’s trading strategy
Short Term (2-3 days): Buy HCL Tech at 975-985. Stop Loss: 960. Target: 1020.
Trading ideas (Time period: 1-2 days): Buy INFY October future @ 1415-1430. Stop loss :1389. Target: 1450.
Derivative Strategy (Time Period: 1 month): Buy ICICI Bank October future @ 855-860. Stop loss: 839.65. Target: 875.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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