Stocks to buy next week: Anuj Gupta suggests these five shares to buy

Trend up, higher top higher bottom, Substantial volumes

2) BUY Bharat Electronics- SL 114 , TARGET 130

Strong trend, buy on dips, bullish chart pattern, fundamentally strong company.

3) BUY L&TFin- SL 109 , Target 130

Strong Trend, Bullish chart structure, higher top higher bottom formation.

4) Bharti Airtel- SL 824, Target 890

Strong Trend on the Chart, trading above 3 week’s high levels, substantial volumes, Fundamental Strong, good corporate earnings.

5) HDFC Bank- SL 1605, Target 1700.

Strong technical breakout, Trend line breakout, recover from over sold zone, substantial volumes seen on the support levels. Fundamentally strong , good corporate earnings and technically positive stock.

*Weekly Outlook Nifty / BankNifty / Sensex*

Last week the nifty closed on a negative note down by 0.85% and closed at 18665 levels, however during the week it tested the high of 18886 levels. Bank nifty closed down by 0.72% and closed at 43622 levels.

Sensex closed lower by 0.65% and closed at 62979 levels. All indexes corrected from near to the life time levels due to profit booking seen on higher levels. The Indian stock market also reacted to the negative cues from the international market.

We also saw the international market US, Europe and Germany stock market fell mostly on friday on the fear of recession and poor economic data. The Federal Reserve Chairman Powell’s hawkish rate outlook to Congress this week dented market sentiments. European stock markets plummeted as a result of weaker-than-expected growth in the manufacturing and service sectors. The German DAX dropped the most on Friday after Siemens Energy cancelled its profit forecast for the year due to issues with its wind turbine division.

However the fundamental side of the Indian stock market is positive as FPI investment is rising, Normal monsoon, strength in the rupee against the dollar and good corporate earnings may provide support to the indian economy. We may see fresh buying on the support levels in the indian equity market as the technical structure of the indexes are looking optimistic.

Nifty strong support at 18400 level and then 18200 levels while resistance at 18900 and then 19000 levels. Banknifty support at 43000 levels and then 42300 levels while resistance at 44200 and then 45000 levels. Sensex support at 62000 levels and then 61300 levels while resistance at 63500 and then 64500 levels. We are expecting we can see buying activity on the support levels and we may see positive trend in the indian equity market due to positive fundamental and bullish trend on the charts.

Updated: 25 Jun 2023, 10:28 PM IST