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Sanjiv Bhasin stock picks: In the week gone by, key benchmark indices — Sensex, Nifty and Bank Nifty — climbed to new life-time highs but there were some profit-booking at higher levels on Friday session. However, Indian stock market outperformed other global markets and global cues too seems supporting the Dalal Street. Major reason for Indian stocks climbing to record high was dollar index slipping to three and half month lows after US Fed dropping hint to moderate pace of interest rate hike.

Sanjiv Bhasin, Director at IIFL Securities believes that Chinese stocks will be in action as China opens up after the severe lockdowns. On profit-boking on Friday session, IIFL Securities expert said that profit booking after the sharp weekly gains was witnessed in Asian markets too. Sanjiv Bhasin said that Nifty is likely to find support at around 18,550 levels whereas Bank Nifty is likely to find support at around 43,000 levels while 44,000 will work as immediate resistance for the banking index.

Speaking on Indian stock market outlook, Sanjiv Bhasin said, "Asian markets opened in the red on Friday. Japanese 'Nikkei’ was down by 500 points in early morning trade. Profit booking, after the sharp weekly rally, is being seen in most Asian indices. Chinese stocks will be in action as China opens up after the severe lockdowns."

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 Tata Steel and Petronet LNG whereas future & option traders can look at ONGC December futures for fresh position.

Sanjiv Bhasin stock market strategy

On market outlook for this week, Sanjiv Bhasin of IIFL Securities said, "Nifty is likely to find support at around 18,550 while 18,950 is likely to act as resistance for the 50-stock index. Bank Nifty is likely to find support at around 43,000 while 44,000 is likely to act as resistance on the upside for banking index."

Here we list out full details in regard to Sanjiv Bhasin's stock market strategy for this week:

Short Term (2-3 days): Buy Tata Steel at 110-111. Stop Loss: 107. Target: 116.

Trading idea (Time period: 1- 2days): Buy Petronet December future at 212-213. Stop loss: 208.25. Target: 217.

Trading Idea (Time Period: 1 month): Buy ONGC December future at 141-142. Stop loss: 138.65. Target: 144.5.

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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Asit Manohar

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