Sanjiv Bhasin stock picks for next week: Samvardhana Motherson, L&T….

According to Sanjiv Bhasin, Director IIFL Securities, Nifty is likely to find support at around 18,250 levels whereas it is facing hurdle at 18,650. He went on to add that Bank Nifty is likely to find support at 42,200 levels whereas it would face resistance at 42,800 levels when the Indian marker reopens for trade on Monday. So, sideways trade may continue next week where Nifty is expected to trade in 42,250 to 42,650 range and Nifty Bank would trade in between 42,200 to 42,800 range. On stocks to buy next week, Sanjiv Bhasin of IIFL Securities recommended intraday traders to look at Samvardhana Motherson, L&T and Manappuram Finance shares.

Speaking on stock market outlook, Sanjiv Bhasin said, “Asian markets opened in green on Friday where South Korean , ASX and Japanese Nikkei led the gains in early morning trade. However, all negative factors, including December rate hike by Federal Reserve, seem to have been factored in by the markets. In fact, Chinese stocks are also seeing buying interest with expectations of reopening gathering momentum in early 2023.”

Sanjiv Bhasin’s stock market strategy next week

On technical outlook in regard to Nifty and Bank Nifty index, Sanjiv Bhasin said, “Nifty is likely to find support at around 18250. 18650 is likely to act as resistance. Bank Nifty is likely to find support at around 42200. 42800 is likely to act as resistance on the upside.”

Sanjiv Bhasin unveiled following strategy for various segments

Short Term (2-3 days): Buy L&T at ₹2015-2030. Stop Loss: ₹1990. Target: ₹2100.

Trading ideas (Time period: 1- 2days): Buy Motherson November future at ₹72.5 to ₹73.5. Stop loss: ₹71.5. Target: ₹75.

Derivative Strategy (Time Period: 1 month) : Buy Manappuram Finance November future at ₹114.5 ₹115.5. Stop loss: ₹112.60. Target: ₹118.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.