Buy or sell: Anuj Gupta of IIFL Securities recommends 5 stocks to buy this week
Buy or sell stocks: Last week we saw a positive week for the Indian equity market. Nifty tested the 7 week’s high of 17842 levels and Banknifty 11 week’s high 42196 levels. As expected we also noticed the fresh buying activity by the FPI’s last week. Nifty increased sharply by 1.30% and closed at 17,828 levels. Bank Nifty increased sharply by 2.66% and closed at 42,132 levels.
Technically the trend of nifty and Bank Nifty are positive as it formed higher top higher bottom formations on the charts. Substantial volumes are also indicating the fresh buying interest.
Nifty has immediate support at 17600 levels and then 17400 levels, while resistance at 18000 levels and 18250 levels. Banknifty has immediate support at 41400 levels and then 40650 levels, while resistance at 42800 levels and then 43500 levels. Market may also face some hurdles in the resistance zone where we can see profit booking from the resistance zone as well. Trend of nifty and banknifty are positive, and it is recommended to buy on dips in nifty and Bank Nifty.
On stocks to buy next week, Anuj Gupta of IIFL Securities recommended following 5 shares:
Coal India: Buy at CMP, target ₹250, stop loss ₹212;
Recover from retracement zone… short covering and fresh buying seen.
Tata Steel: Buy at CMP, target ₹115, Stop loss ₹102
Double bottom near 100 LEVEL as it is a strong support level… increase in volumes and benefit from higher metal prices.
State Bank of India: Buy at CMP, target ₹555, Stop loss ₹518
3rd positive consecutive week.. strong formation.. 3 white soldier candlestick pattern indication optimism. Higher top higher bottom formation.
ONGC: Buy at CMP, target ₹180, Stop loss ₹146
Higher top higher bottom formation.. substantial volumes… taking positive cues from higher crudeoil prices.. trend line breakout.. breakout level was 155, and now trading above it.
POWERGRID: Buy at CMP, target ₹250, Stop loss ₹223
Trading above 4 week high level.. strong breakout on weekly Chart.. substantial volumes.
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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