Sanjiv Bhasin stock picks: In the past week, the main benchmark indexes – Sensex, Nifty and Bank Nifty – rose to new all-time highs but there were some books of higher profits Friday’s session. However, the Indian stock market is outperforming other global markets and global cues also seem to be in favor of Dalal Street. The main reason Indian stocks rose to record highs was that the dollar index slipped to three-and-a-half month lows after the US Fed hinted at a moderate pace of rate hikes.

Sanjiv Bhasin, Director of IIFL Securities believes that Chinese stocks will spring into action when China opens after a severe lockdown. Regarding profit-booking on Friday’s session, IIFL Securities experts said that profit-booking after the sharp weekly gains was seen in Asian markets as well. Sanjiv Bhasin said that Nifty is likely to find support around 18,550 level whereas Bank Nifty is likely to find support around 43,000 level while 44,000 will serve as immediate resistance for the banking index.

Talking about 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 morning trade. Book earnings, after a sharp weekly rally, are seen in most Asian indices. Chinese stocks will be spring into action as China opens up after a severe lockdown.”

Sanjiv Bhasin stock picks for next week

Asked about his stock picks for next week, Sanjiv Bhasin of IIFL Securities said that short-term traders can buy Tata Steel and Petronet LNG while futures & options traders can look to December ONGC futures for new positions.

Sanjiv Bhasin stock market strategy

On the market outlook for the 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. Nifty Bank is likely to find support around 43,000 while 44,000 is likely to act. as resistance to the rise in the banking index.”

Here we include full details on Sanjiv Bhasin’s stock market strategy for the week:

Short Term (2-3 days): Buy Tata Steel at Rp110-111. Stop Loss: Rp107. Goal: Rp116.

Trade ideas (Timeframe: 1- 2 days): Buy Petronet next December at Rp212-213. Stop loss: Rp208.25. Target: Rp217.

Trading Idea (Time Period: 1 month): Buy ONGC this coming December at Rp141-142. Stop loss: Rp138.65. Target: Rp144.5.

Disclaimer: The views and recommendations made above are those of the respective analysts or brokerage firms, and not of Mint. We advise investors to consult a certified expert before making any investment decisions.

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