Sanjeev Bhasin’s stock picks for the next week: Dalal Street closed with modest gains for the second consecutive weekly gain in Friday’s session. The NSE Nifty 50 index ended 0.28 per cent higher at 17,786 levels and the S&P BSE Sensex ended 0.34 per cent higher at 59,959, with both the indices rising over 1 per cent. However, the Bank Nifty index lost 308 points to close at 40,990.
Sanjeev Bhasin, Director, IIFL Securities believes that nifty 50 index It is likely to find support near 17,650 level while it may face resistance near 18,050 level. He said some Asian currencies have managed to rise against the US Dollar and there is a need to be cautious with respect to the US Dollar index in the coming sessions as well.
Speaking on global market cues, Sanjeev Bhasin of IIFL Securities said, “Asian markets opened in the red in Friday morning trades. Japanese ‘Nikkei’ was down over 300 points in early trade. But, Japanese yen against US dollar. 146.2, from the level of 150 which it saw a few days ago. South Korea and Taiwan markets also saw decent gains in the last two sessions and consolidation is widely awaited in these Asian markets. Heavy selling pressure High volatility was observed in Hang Seng due to foreign investors.”
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 at around 17,650 levels while 18,050 is likely to act as resistance. Bank Nifty is likely to find support at around 41,000 levels. While support is likely to be found at 41,800 levels, act as upward resistance for the Bank Nifty index.”
Sanjeev Bhasin unveiled the following strategy for various segments:
Short term (2-3 days): Buy Jindal Steel at 465-470. Stop Loss: 457. Target: 490.
Business Ideas (Time Duration: 1- 2 Days): Buy Motherson November Future @ 63.5-64.5. Stop Loss: 62.65. Target : 66.
Derivative Strategy (Time Duration: 1 Month): Buy Indigo November Future @ 1750-1755. Stop Loss: 1716.90. Target: 1790.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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