BackZee, L&T, DLF among top 5 stock picks by Sanjiv Bhasin of IIFL Securities
Sanjiv Bhasin, Director at IIFL Securities, feels that with return of Covid curbs in China, India is the most expensive yet reliable market for foreign investors
PremiumThe minutes of the US Federal Reserve's last meeting showed that most officials remained in favour of going slow on interest hikes, lifting the market sentiment across the globe. The Indian market also got a boost from this and the benchmark indices touched all-time highs on November 24.
All sectoral indices gained, and the Sensex and the Nifty rose 1.24% and 1.19%, respectively, to close at all-time highs of 62,272.68 and 18,484.10. During the day, the Sensex hit a new high of 62,412.33, while the Nifty was just a few points away from its record high of 18,604.45.
On November 25, Indian investors remained cautious with indices ending the day flat around the highs of previous day. Sensex ended with a minor gain of 20 points at 62,293, while Nifty closed just below 18,500, at 18,497, a gain of 14 points.
Sanjiv Bhasin, Director at IIFL Securities, feels that with return of Covid curbs in China, India is the most expensive yet reliable market for foreign investors. So, for Nifty 18,400-18,880 could be the levels to watch for next week. And Bank Nifty may have a shot at 43,700.
Here are the 5 stocks he is betting on based on fundamental analysis:
Zee Entertainment
Given the fact the Sony merger is in its final leg, the market-cap of the stock at ₹24000 crore is very cheap for the largest media company which now comes with no past baggage & with Corporate spending improving ad revenue may grow sharply.
Ultratech Cement
The largest player having a capacity of double of both ACC & Ambuja & with pricing power as input costs stabilize.
Canfin Homes
3rd largest mortgage lender with management indicating that 2nd half will see double the business of the 1st half & one of the best lenders in the 15-30 lac category.
DLF
Best play on reality with the company's debt at lowest level in last 10 years as it monetizes land banks with stronger than expected sales.
L&T
The biggest capex player with strong order book & guidance that margins could be higher than expected as middle east business sees strong traction.
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