Tech Mahindra to SRF: Sanjiv Bhasin recommends these stocks to buy next week

Sanjiv Bhasin’s stock picks for next week:

Following weak global cues post-hawkish US Fed commentary, Indian stocks finished in red territory for the second straight session on Friday.

IT sector continued to face selling pressure as Nasdaq keeps getting sold off. Realty stocks came under selling pressure as rising rates could dampen demand for properties.

Among key benchmark indices, the Nifty 50 index lost 145 points and closed at 18,269 levels whereas BSE Sensex dipped 461 points and closed at 61,337 levels. Bank Nifty index went off 278 points and finished at the 43,219 mark.

Sanjiv Bhasin, Director at IIFL Securities believes that reopening is seeing a rise in demand.

This could see Chinese stocks react better to the current economic slowdown.

Sanjiv Bhasin of IIFL Securities went on to add that the 50-stock index Nifty is likely to find support at around 18,300 levels whereas its immediate resistance is placed at the 18,800 mark.

Sanjiv Bhasin further added that Bank Nifty is finding support at 43,000 levels whereas it is facing a hurdle at the 43,900 mark.

Speaking on the Indian stock market outlook, Sanjiv Bhasin said, “In early morning deals on the weekend session, the Japanese Nikkei was down over 350 points.

Taiwanese index and ASX were also in the red territory.

Technology stocks lead the downslide. Chinese stocks could be relatively insulated in upcoming sessions as reopening is seeing demand rise.

This could see Chinese stocks react better to the current economic slowdown.”

Sanjiv Bhasin’s stock picks for next week Asked about his stock picks for next week, Sanjiv Bhasin of IIFL Securities said that short-term traders can buy Mahindra CIE Automotive while future traders can look at Tech Mahindra December future and SRF December future.

Sanjiv Bhasin stock market strategy On the market outlook for this week, Sanjiv Bhasin of IIFL Securities said, “Nifty is likely to find support at around 18,300 while 18,800 is likely to act as resistance.

Bank Nifty is likely to find support at around 43,000 whereas 43950 is likely to act as resistance on the upside.”