Tech Mahindra for SRF: Sanjiv Bhasin recommends buying this stock next week | Jobs Vox


Sanjiv Bhasin’s stock pick for next week: Following weak global cues following the US Fed’s comments, Indian stocks ended in the red for the second straight session on Friday. The IT sector continued to face selling pressure as the Nasdaq continued to sell off. Real estate stocks were under selling pressure as rising rates could dampen demand for real estate. Among key benchmark indices, the Nifti 50 index lost 145 points to close at 18,269 levels, while the BSE Sensex fell 461 points to end at 61,337 levels. The Bank Nifti index fell by 278 points and ended at 43,219 points.

Sanjiv Bhasin, director at IIFL Securities, believes demand for the reopening is increasing. This could indicate that Chinese stocks are more responsive to the current economic slowdown. IIFL Securities’ Sanjiv Bhasin added that the 50-share Nifti is likely to find support at around 18,300 levels, while its immediate resistance is set at 18,800. Sanjiv Bhasin further added that the Bank Nifti is finding support at 43,000 level, while it is facing a hurdle at 43,900 level.

Speaking on the Indian stock market outlook, Sanjiv Bhasin said, “In early morning trade over the weekend, Japan’s Nikkei fell over 350 points. Taiwan’s index and ASKS were also in red territory. Technology stocks are leading the decline. Chinese stocks may be relatively isolated in the coming sessions as demand picks up on the reopening. This could indicate that Chinese stocks are more responsive to the current economic slowdown.”

Sanjiv Bhasin Stock Picks for Next Week Asked about stock picks for next week, IIFL Securities’ Sanjiv Bhasin said short-term traders can buy Mahindra CIE Automotive, while future traders can look at Tech Mahindra December future and SRF December future. Stock Market Strategy Sanjiv Bhasin On the market outlook for the week, Sanjiv Bhasin of IIFL Securities said, “Nifti is likely to find support around 18,300 while 18,800 is likely to act as resistance. Bank Nifty is likely to find support around 43,000 while 43,950 is likely to act as resistance to the upside.”

Here we list all the details regarding Sanjiv Bhasin’s stock market strategy for this week:

Short term (2-3 days): Buy Mahindra CIE Automotive at 311-315. Stop Loss: 305. Objective: 319.

Trading ideas (time period: 1-2 days): Buy SRF Dec Future @ 2385-2400. Stop loss: 2345. Objective: 2460.

Derivative strategy (time period: 1 month): Buy Tech Mahindra December Future @ 1025-1035. Stop loss: 1009.5. The goal: 1055

Disclaimer: The views and recommendations given above are those of individual analysts or brokerage firms and not of Mint. We advise investors to check with certified professionals before making any investment decision.

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