Buy or sell: Anuj Gupta of IIFL Securities recommends 5 stocks to buy next week
Buy or sell stocks: After surprising outcome from the Reserve Bank of India ((RBI) Monetary Policy Committee (MPC) meeting outcome to pause interest rates, Indian stock market rebounded strongly from its intraday lows on Thursday session. NSE Nifty ended 42 points higher at 17,599 levels whereas BSE Sensex surged 143 points and closed at 59,832 mark. Nifty Bank index added 41 points and finished at 41,041 levels. Broad market indices rose more than the Nifty even as the advance decline ratio was positive at 2.01:1.
Buy or sell stocks for next week
After a truncated weekend session on Thursday, as stock market holiday fell on Friday for Good Friday celebrations, Anuj Gupta, Vice President — Research at IIFL Securities believes that Nifty 50 index has immediate support placed at 17,400 whereas strong support for the index is placed at 17,200 levels. The IIFL Securities expert maintained that Nifty has given breakout at 17,500 levels and it has managed to sustain above 17,500 levels in the week gone by, which indicates further uptrend towards 17,700 to 17,750 levels.
On stocks to buy on Monday, Anuj Gupta recommended 5 weekly stock picks and those buy or sell stocks for next week are State Bank of India (SBI), Reliance Industries Limited or RIL, Sun Pharma, Tata Motors and BPCL.
Here we list out full details in regard to those 5 IIFL Securities stock recommendations:
1] Tata Motors: This Tata group stock has given strong breakout on chart pattern and the scrip has witnessed spurt in volume as well. One can buy Tata Motors shares at CMP for weekly target of ₹460 maintaining stop loss at ₹424 apiece levels.
2] State Bank of India or SBI: Shares of the banking major has formed higher top higher bottom on chart pattern signaling uptrend in near term. SBI share price may go up to ₹560 apiece levels in next week. One can initiate buying SBI shares at CMP maintaining stop loss at ₹509 apiece levels.
3] Reliance Industries Limited or RIL: Reliance share price is moving above 10 DEMA after giving breakout at ₹2340 apiece levels. Now, Reliance share price may go up to ₹2400 levels in near term. One can buy RIL shares at CMP maintaining stop loss at ₹2284 per share levels.
4] Sun Pharma: Shares of this pharmaceutical company is looking bullish on chart pattern. Sun Pharma share price may go up to ₹1060 apiece levels in near term. One can initiate accumulating and fresh buying in the scrip maintaining stop loss at ₹974 per share levels.
5] BPCL: Share price of this PSU stock may give upside movement when the Indian stock market opens on Monday after extended week off. Reason for being bullish on BPCL share price is cues from crude oil price, zero windfall tax and spurt in volume. One can initiate momentum buying in this PSU stock for short term target of ₹380 per share maintaining stop loss at ₹314 apiece.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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