Stock Picks With Anil Singhvi: As Nifty hits 12,000, Bank Nifty 24,000, experts says buy BEL, book profit in Manappuram Finance and Canara Bank
Bhasin said mid-caps along with banking stocks will be outperformers after the Reserve Bank of India announcement
As the Nifty touched 12,000 level and Bank Nifty 24,000 on Monday early session, market analyst Sanjeev Bhasin in conversation with Zee Business Managing Editor Anil Singhvi said that instead of looking at indexes, people should be focusing on stocks. He said the market will now briefly see profit booking but affirmed that undertone is extremely bullish. Giving a buy call, he said that stocks are likely to attain great heights in the present scenario.
Bhasin said mid-caps along with banking stocks will be outperformers after the Reserve Bank of India announcement. He said the Supreme Court order concerning moratorium om Tuesday is further likely to help banking shares.
He suggested to book profit in Manappuram Finance and Canara Bank, while he asked investors to remain in ONGC.
He said book profit in Manappuram Finance Ltd at Rs 170 and RS 95 in Canara Bank. The stock of Manappuram Finance was trading at Rs 164 in early sessions and made a high of Rs 170 on NSE. Similarly, Canara Bank which was trading around Rs 90 went on to hit the day high of Rs 95.
He advised to remain in ONGC, which saw a rally of 1.07% and rose from Rs 69.55 to Rs 70.60 on Monday.
Bhasin said stocks were even surpassing initial targets and hitting slightly longer-term targets and this trend is very strong currently.
Talking about Axis Bank, he said the stock for which he gave a target of Rs 475 at Rs 455 went on to hit Rs 483 and L&T that was trading at Rs 850 also surpassed his target of Rs 925 on Tuesday.
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He also gave buy call on BEL. Saying that the stock is underperforming and has huge value, he vouched for BEL to buy at the current rate of Rs 94. He put a stop-loss of Rs 92.25 on the stock and gave a target of Rs 100-103.
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