Sanjiv Bhasin's pick of stocks for next week: Axis Bank, Gail...

 

• Sanjiv Bhasin of IIFL Securities advises short term traders to buy Axis Bank shares this week

Sanjiv Bhasin's stock picks: After consolidating within a narrow range for the entire week, Indian stocks finally saw selling pressure in the weekend session. However, the Bank Nifty index showed better performance and ended at its all-time high and registered a weekly gain of over one per cent. The NSE Nifty closed at 18,496, down 112 points, while the BSE Sensex closed at 62,181, down 389 points. The Bank Nifty index closed at 43,633 points, up 36 points.

Sanjiv Bhasin, Director, IIFL Securities, believes Dalal Street will make a strong comeback as Chinese stocks have seen global ETF inflows as reopening has brought confidence to global investors, valuations currently at cheapest in 2 years. Sanjeev Bhasin of IIFL Securities said the 50-stock index Nifty is likely to take support near 18,450 levels, while its immediate resistance is placed at 18,850 marks. Sanjiv Bhasin further said that Bank Nifty is taking support at 42,300 level while it is facing resistance at 44,000 mark.

Speaking on Indian stock market outlook, Sanjiv Bhasin said, "In Friday morning deals, Asian shares opened in green following strong US cues. Chinese stocks witness global ETF inflows as reopening of global Investors have gained confidence, with valuations currently the cheapest in 2 years."

Sanjiv Bhasin's stock is up for the next week

When asked about their stock picks for the next week, IIFL Securities' Sanjiv Bhasin said short-term traders can buy Axis Bank shares, while Futures & Options (F&O) traders Samvardhan Motherson International December futures and Gail You can consider December futures.

sanjeev bhasin share market strategy

On market outlook for this week, Sanjeev Bhasin of IIFL Securities said, "Nifty is likely to take support near 18450. 18850 is likely to act as resistance. Bank Nifty is likely to take support near 42300." 44000 is likely to act as resistance to the upside."

Here we give complete details regarding Sanjiv Bhasin's stock market strategy for this week:

Short term (2-3 days): Buy Axis Bank for ₹935-940. Stop Loss: ₹921. Target: ₹975.

Trading Strategy (Time Frame: 1- 2 days): Buy GAIL December future @ 93-93.5. Stop Loss: 91.35. Target: 95.5.

Derivative Strategy (Time Period: 1 Month): Buy Motherson December futures @ 74-74.5. Stop Loss: 72.70. Target: 76.