Buy or sell indicator: Anuj Gupta recommends 3 stocks to buy after stock market holiday
Buy or sell stock: Following strong global market sentiments after ease in bank crisis in US, Indian stock market ended green on Wednesday. After trading below 17,000 but above 16,800 for few sessions, Nifty 50 index finally ended 17,000 levels, logging 129 points gain on Wednesday. 30-stock index BSE Sensex surged 346 points and finished at 57,960 mark while Nifty Bank index ended 342 points higher at 39,910 levels. In broad markets, both small-cap and mid-cap indices generated alpha return on Wednesday as small-cap index ascended 1.68 per cent while mid-cap index appreciated 1.67 per cent.
Stocks to buy after stock market holiday
Anuj Gupta, Vice President — Research at IIFL Securities believes that Nifty is still facing strong hurdle at 17,200 levels and it is still trading in 16,800 to 17,200 range. The IIFL Securities expert maintained that bullish or bearish trend on Dalal Street can be assumed on breakage of either side of the range. Anuj Gupta of IIFL Securities went on to add that Nifty Bank index has surged after short covering trigger followed by breakout in the index at 39,500 levels. Asked about stocks to buy on Friday, Anuj Gupta recommended three buy or sell stocks for Friday and those three intraday trading stocks are HDFC Bank, ONGC and JSW Steel.
Buy or sell indicator for Friday
“Nifty regaining 17,000 is a good sing but it should not be taken as an indicator for upside rally in coming sessions. Nifty is still in 16,800 to 17,200 range and bullish or bearish trend can be assumed only on breakage of either side of the range. But, in Nifty Bank, we are expecting further upside as the index has witnessed short covering after breakout at 39,500 levels,” said Anuj Gupta.
Anuj Gupta of IIFL Securities expected the volatility to further continue on Dalal Street as market is expecting further clarity by the US Fed and President Joe Biden on bank crisis in US as revival plan on Silicon Valley Bank (SVB) collapse won’t be enough to change the market mood across globe.
Buy or sell stocks for Friday
As mentioned above, Anuj Gupta of IIFL Securities has recommended three intraday stocks for Friday, here we list out full details in regard to those three day trading stocks:
1] HDFC Bank: Buy at CMP, target ₹1620, stop loss ₹1565;
2] ONGC: Buy at CMP, target ₹160, stop loss ₹142; and
3] JSW Steel: Momentum buy at CMP, target ₹710, stop loss ₹654.
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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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.