SBI, Reliance to Wipro: IIFL Securities recommends these 5 stocks to buy this week

Anuj Gupta, Vice President — Research at IIFL Securities believes that Nifty has strong support at 17,750 levels and any dip towards lower levels should be seen as buying opportunity. The IIFL Securities expert advised investors to look at stocks that are available at attractive valuations and looking good on chart pattern as most of the companies listed on Dalal Street have declared their Q3 results.

IIFL Securities stock recommendations

Asked about stocks to buy today that can give attractive returns this week, Anuj Gupta of IIFL Securities listed out the following five stocks:

1] State Bank of India or SBI: SBI share price is standing at technical support and looking poised for a strong bounce back, said Anuj Gupta. He advised investors to buy SBI shares at CMP for weekly target of ₹555. However, he advised investors to maintain stop loss at ₹514 while taking any position int he banking scrip.

2] Reliance Industries Ltd or RIL: Reliance shares are in oversold zone and looking to bounce back from current levels. Fundamental sentiments in regard to Reliance shares have gone bullish after the NCLT approval to acquire debt-ridden textiles maker Sintex Industries.

“One can initiate momentum buy at CMP for the weekly target of ₹2,490 apiece maintaining stop loss at ₹2,375 levels,” said Anuj Gupta.

3] Wipro: The IT stock is looking positive on chart pattern and we can witness some buying interest in the scrip this week. Anuj Gupta of IIFL Securities suggested positional investors to buy Wipro shares at current market price for weekly target of ₹440 but advised strived strict stop loss at ₹389. Wipro share price ended at ₹405.90 per share on NSE on Friday.

4] Coal India Ltd: Coal India shares have made bullish structure on chart pattern and coal demand is expected to rise in upcoming summer season due to rise in demand for thermal electricity. So, one can buy Coal India shares at current market price for weekly target of ₹230 apiece maintaining stop loss at ₹209 levels.

5] ONGC: The oil manufacturer stock surged last week after the Government of India (GoI) announced to cut windfall tax on domestically produced crude oil from ₹5,050 per tonne to ₹4,350 per tonne. The additional excise duty on aviation turbine fuel (ATF) was also cut to ₹1.5 per litre from ₹6 per litre earlier. These are positive fundamental developments that may improve margins of the company in upcoming quarters. So, one can buy ONGC at current levels for one week target of ₹165 maintaining stop loss at ₹149 apiece levels.

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.