HDFC Bank to JSW Steel: Anuj Gupta recommends buy or sell on 5 stocks for the next week

stock market strategy for next week

Anuj Gupta, Vice President – Research at IIFL Securities We believe that immediate support for Nifty has now shifted to 17,200 while strong support is now placed at 17,050 levels. IIFL Securities expert said that Nifty and Bank Nifty have given strong breakout after staying in a range bound range for more than a week. On stocks to buy on Monday, Anuj Gupta recommends five stocks for the next week and those five stocks for the next week include HDFC Bank, ICICI Bank, JSW SteelFederal Bank and BEL.

Here we list down the complete details regarding IIFL Securities stock recommendations:

1]HDFC Bank: The Bank Nifty heavyweights have given trendline breakouts on the chart pattern and are also looking highly positive. Can initiate bullish buying in the stock for weekly target of 1,660 maintains at each level stop loss 1,574 per share level.

2]JSW Steel: Shares of the metals major have given a breakout after four weeks of consolidation. Strong Chinese demand for base metals and a jump in stock volumes indicate a strong upside in JSW Steel share price in the near term. Can buy shares at CMP for weekly target of Rs. 750 maintains tight stop loss 654 each level.

3]ICICI Bank: Shares of the banking major are trading at a one-month high. IT has formed a bullish chart structure and given a fresh breakout in Friday’s session. Can buy ICICI Bank shares for one week target on Monday 940 each. However, one should maintain strict stop loss 835 level.

4]BEL: shares of Bharat Electronics Ltd. is trading above the six-week high and the stock is also witnessing an uptick in volumes. BEL share price is expected to move up after giving breakout in Friday’s session Level 110 in a week’s time. Buying in the stock can be initiated by maintaining the stop loss 92 each level.

5]Federal Bank: Shares of this South India headquartered bank has given a weekly breakout on the chart pattern and strong bias smelly Bank Index is supportive for this scrip. one can buy Federal Bank Shares on CMP for weekly target of Rs. 150 levels. However, stop loss should be maintained 124 taking position in this scrip.

Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.