Sanjeev Bhasin’s stock picks for the next week: After losing two consecutive sessions, Indian stocks finally ended higher on Friday. The Nifty 50 index closed 64 points higher at 18,117, nearly 233 points away from its lifetime high of 18,350.95 on October 14, 2021. The BSE Sensex also tested 61,000 but ended up 113 points higher at 60,950. 525 points away from his life high of 61,475.
According to Sanjeev Bhasin, Director, IIFL Securities, nifty Bank Nifty is likely to get support at the level of 17,850 when the market opens on Monday, while Bank Nifty can get support at 40,800. The Bank Nifty index is facing hurdles at 41,800 levels, which means the banking index may trade in the range of 1,000 to 40,800 to 41,800 on Monday, IIFL expert said. To buy the shares next week, Sanjeev Bhasin of IIFL Securities advises intraday traders to watch the stocks of SBI, HDFC Life Insurance Company and Ambuja Cement.
Speaking on the reason for the trend reversal on Dalal Street, Sanjeev Bhasin of IIFL Securities said that Asian stocks opened mixed on Friday. The Japanese Nikkei opened with a fall of more than 2 per cent, the Taiwan index down 0.20 per cent, while the South Korean Kospi 0.28 per cent and the Shanghai index opened up 1.40 per cent on Friday. Hence, Indian markets closed with gains despite a mixed trend from Asian markets.
sanjeev bhasin’s stock market strategy next week
On technical outlook with respect to NSE Nifty 50 Index, Sanjeev Bhasin said, “Nifty is likely to find support around 17850. Above 18400 is likely to act as resistance. Bank Nifty likely to find support around 40800. While the probability is 41800.” likely to act as a deterrent.”
Sanjeev Bhasin unveiled the following strategy for various segments:
Short term (2-3 days): Buy State Bank Of India (SBI) Here from 580 585. Stop Loss: 571. Target: 605.
Business Ideas (Time Duration: 1- 2 Days): Buy HDFC Life November Future @ 545-549. Falling off: 536. Target: 553
Derivative Strategy (Time Duration: 1 Month): Buy Ambuja Cement November Future @ 541-544. Falling off: 531.10. target: 553.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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