Sanjiv Bhasin’s Pick of Stocks for Next Week: HCL Tech; ICICI Bank… | Techno Glob

Stocks of Sanjiv Bhasin Indian stocks edged higher on Friday after a sharp recovery in the US stock market on Thursday. An upturn on Dalal Street on Friday helped major benchmark indices pare their weekly losses. The NSE Nifty pared its weekly losses by nearly 1 per cent, gaining 171 points.

Sanjiv Bhasin, director at IIFL Securities, believes the weakness in the US dollar seen on Thursday helped Asian stocks, including India’s Dalal Street, recover from their weekly losses. IIFL Securities’ Sanjiv Bhasin reiterated that the Nifty 50 index may face resistance at around 17,450 level next week, but 17,000 is expected to be the key support for the 50-stock index.

Commenting on Friday’s rise in Indian stock markets, Sanjiv Bhasin said, “A green Asian open on Friday led to a significant overnight rally in US equities. Japan’s ‘Nikkei’ is trading over 720 points in early trade. ASX and New Zealand indices are also up smartly. Most indices are trading higher. China stocks reopening also sees ETF flows.”

Sanjiv Bhasin’s stock picks for the coming week

Asked about his stock picks for the coming week, IIFL Securities’ Sanjiv Bhasin said short-term traders could buy HCL Tech for two to three days. For Future & Option traders; IIFL Securities Director recommends looking at Infosys October Futures Derivative segment traders can bet on ICICI Bank October Futures.

On the technical outlook of Nifty and Bank Nifty for the coming week, Sanjiv Bhasin said, “Nifty 50 index is likely to find support around 17,000 levels and 17,450 is likely to act as resistance on the back. Bank Nifty index is likely to find support around. 38,600 and 39,700 levels are likely to act as resistance on the upside.”

Trading Strategy by Sanjiv Bhasin

Short term (2-3 days). Buy HCL Tech at 975-985. Stop loss: 960. Target: 1020.

Trading Ideas (Time: 1-2 Days) Buy INFY October future @ 1415-1430. Stop loss: 1389. Target: 1450.

Derivative Strategy (Timeframe: 1 month). Buy ICICI Bank October future @ 855-860. Stop loss: 839.65. Target 875.

Explanation: The views and recommendations expressed above are those of individual reviewers or brokerage firms and not of Mint.

business news, market news; Catch the latest news on Breaking News Events and Live Mint. Download Mint News App to get daily market updates.

more or less.

Source link