Stock Selection of Sanjiv Bhasin for Next Week: Dalal Street finished moderately higher, posting its second weekly gain in a row during Friday’s session. The NSE Nifty 50 index rose 0.28 percent to 17,786 levels and the S&P BSE Sensex finished 0.34 percent higher to 59,959, with both indices gaining more than 1 percent each. However, the Bank Nifty index lost 308 points and closed at 40,990 levels.
Sanjiv Bhasin, director of IIFL Securities, believes the Nifty 50 index is likely to find support at 17,650 levels, while it is expected to encounter resistance near the 18,050 level. He said that some Asian currencies have managed to gain ground against the US dollar and that vigilance on the US dollar index should continue in the coming sessions.
Sanjiv Bhasin of IIFL Securities said of the global market signals: “Asian markets opened in the red early Friday morning. Japan’s ‘Nikkei’ fell more than 300 points in early trading. level of 150 that it saw a few days ago.The markets in South Korea and Taiwan also witnessed good gains in the last two sessions and consolidation is widely awaited in these Asian markets.The Hang Seng witnessed high volatility due to huge selling pressure from foreign investors.”
Sanjiv Bhasin’s Stock Market Strategy Next Week
On the technical outlook regarding the NSE Nifty 50 index, Sanjiv 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 marks, while 41,800 likely to be supported act as an upside resistance for the Bank Nifty index.”
Sanjiv Bhasin revealed the following strategy for different segments:
Short term (2-3 days): Buy Jindal Steel at 465-470. Stop loss: 457. Target: 490.
Trading Ideas (Time Period: 1-2 days): Buy Motherson November future @ 63.5-64.5. Stop loss: 62.65. Goal: 66.
Derivatives Strategy (Time Period: 1 month): Buy Indigo November future @ 1750-1755. Stop loss: 1716.90. Target: 1790.
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, not Mint.
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