Sanjiv Bhasin stock selection: Over the past week, the main benchmark indices – Sensex, Nifty and Bank Nifty – rose to new all-time highs, but there were some gains at higher levels during Friday’s session. However, the Indian stock market outperformed other global markets and global signals also seem to support Dalal Street. The main reason Indian stocks soared to all-time highs was that the dollar index fell to a three-and-a-half-month low after the US Fed hinted at a moderate pace of interest rate hikes.
Sanjiv Bhasin, a director at IIFL Securities, believes Chinese stocks will take action as China opens up from the tight lockdowns. During the Friday session, IIFL Securities expert said that after the sharp weekly gains, profit booking was also seen in Asian markets. Sanjiv Bhasin said that Nifty is likely to find support at around 18,550 levels, while Bank Nifty is likely to find support at around 43,000 levels, while 44,000 will act as direct resistance to the Bank Index.
Speaking on the outlook for the Indian stock market, Sanjiv Bhasin said: “Asian markets opened in the red on Friday. Japan’s ‘Nikkei’ fell 500 points in early morning trading. Profit posting, after the sharp weekly rally, can be seen in most Asian indices. Chinese stocks will be in action as China opens up from strict lockdowns.”
Sanjiv Bhasin’s stock selection for next week
Asked about his stock pick for next week, Sanjiv Bhasin of IIFL Securities said short-term traders can buy Tata Steel and Petronet LNG, while futures and options traders can watch December’s ONGC futures for new positions.
Sanjiv Bhasin stock market strategy
On the market outlook for this week, Sanjiv Bhasin of IIFL Securities said, “Nifty is likely to find support around 18,550 while 18,950 is likely to act as resistance for the 50 stock index. Bank Nifty is likely to find support around 43,000 while 44,000 is likely to act as resistance. resistance at the top will act for the banking index.”
Here we summarize all the details regarding Sanjiv Bhasin’s stock market strategy for this week:
Short term (2-3 days): Buy Tata Steel at €110-111. stop loss: €107. Goal: €116.
Trade Idea (Time Period: 1- 2 days): Buy Petronet December futures €212-213. stop loss: €208.25. Target: €217.
Trade idea (Time period: 1 month): Buy ONGC December future €141-142. stop loss: €138.65. Target: €144.5.
disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. We recommend that investors consult certified experts before making investment decisions.
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