HDFC Bank, BEL to JSW Steel: Anuj Gupta of IIFL Securities recommends 5 buy or sell stocks for next week

Stock market strategy for next week

Anuj Gupta, Vice President — Research at IIFL Securities believes that immediate support for Nifty has now shifted at 17,200 whereas strong support is now placed at 17,050 levels. The IIFL Securities expert said that Nifty and Bank Nifty has given strong breakout after oscillating in a tight range for more than a week. On stocks to buy on Monday, Anuj Gupta recommended five stocks for next week and those five stock picks for next week are HDFC Bank, ICICI Bank, JSW Steel, Federal Bank and BEL.

Here we list out full details in regard to IIFL Securities stock recommendations:

1] HDFC Bank: Shares of the Bank Nifty heavy weight has given trendlyne breakout on chart pattern and it is looking highly positive as well. One can initiate momentum buying in the scrip for weekly target of ₹1,660 apiece levels maintaining stop loss at ₹1,574 per share levels.

2] JSW Steel: Shares of the metal major has given breakout after four weeks consolidation. Strong Chinese demand for the base metals and spurt in volume of the stock indicates strong upside in JSW Steel share price in near term. One can buy the scrip at CMP for weekly target of ₹750 maintaining strict stop loss at ₹654 apiece levels.

3] ICICI Bank: Shares of the banking major is trading at one month high. IT has formed bullish chart structure and gave fresh breakout on Friday session. One can buy ICICI Bank shares on Monday for one week target of ₹940 apiece. However, one must maintain strict stop loss at ₹835 levels.

4] BEL: Shares of Bharat Electronics Ltd is trading above six week’s high and the stock is witnessing spurt in volume as well. After giving breakout on Friday session, BEL share price is expected to go up to ₹110 levels in one week time. One can initiate momentum buying in the scrip maintaining stop loss at ₹92 apiece levels.

5] Federal Bank: Shares of this South India headquartered bank has given weekly breakout on chart pattern and strong bias in Nifty Bank Index is supportive for the scrip. One can buy Federal Bank shares at CMP for weekly target of ₹150 levels. However, one must maintain stop loss at ₹124 while taking position in this scrip.

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.