Updated Jun 2, 2024 | 02:35 PM IST
Sanjiv Bhasin Stocks: Days ahead election results, the market is already started showing some action. Sanjiv Bhasin, market veteran in an interview with ET NOW Swadesh spoke about the market scenario.
Sanjiv Bhasin, market veteran in an interview with ET NOW Swadesh spoke about the market scenario. (Image: IIFL Securities/Freepik/ET NOW News)
Sanjiv Bhasin Stocks: Days ahead election results, the market has already started showing some action. Sanjiv Bhasin, market veteran in an interview with ET NOW Swadesh spoke about the market scenario. The discussion quickly took a stock-specific turn. Bhasin was asked if he will change stop loss or target on these stocks and his other choices for the day.
He recommended to stay invested in Indiabulls and Embassy, the real estate major is again a big stock. He also maintained his stance on Adani Wilmar, the edible oil giant.
Sanjiv Bhasin Top Picks
U Grow Capital: It is an NBFC managed by Sachindra Nath. The profits of the company have grown from Rs 28 crore in 2021 to Rs 1,193 crore in 4 years. Pre-provisioning operative profit is Rs 2,950 crore. Bhasin is bullish on U Grow Capital. He said this will be the next Chola Finance. Bhasin fixed the target price at Rs 400 and the stop loss of Rs 242.
HDFC Life: This is the next fastest growing insurance company after SBI. With treasury income shooting up, HDFC Life is in focus. Bhasin fixed the target price at Rs 599 with stop loss of Rs 539.
RBL Bank: He is positive about RBL Bank as it is strongly backed by the promoters and also seen as a target stock. With RBI adopting a stabilising mode, he expects the stock to re-rate. He fixed the target price at Rs 275, stop loss of 243 with prediction that stock can move up to Rs 320.
It was not merely about stock specific action, but about conviction and foresight. Bhasin recommended to stay bullish on these three choices. He gave an example of Ratan India Power. Ratan India Power has given a 2x performance by moving up to 80 per cent in a month.
Sanjiv Bhasin Stock Recommendations
According to Bhasin, there are rumours in the betting market on the outcome of the Lok Sabha election, indicating that the incumbent government would win between 270 and 320 seats and return to power. The purpose of this type of rumor-mongering is to influence market fluctuations. Undercurrents, however, are positive from 23,400 to 23,500 is a strong support level, and the market will not decline.
Bhasin looked very bullish about the market as he spoke about the government formation after the election irrespective of the seats. He said investors must think and buy quality stocks with an eye on global issues.
He said banking sector is strong and private banks will continue to outperform. He reiterated his three choices, U Grow Capital, HDFC Life and SBI Life. He ruled out any possibility of IRDA action on surrender value. HDFC Life is a quality stock to buy ignoring the rumors.
Then the discussion shifted to Wipro. Bhasin was very bullish on Wipro earnings and company speculated tie up with Microsoft, He mentioned the stock will do really well which will take the stock to Rs 700 levels. He set the target at Rs 475 with stop loss at Rs 426 on Wipro. Other choices were SBI Life with target Rs 1,550 and stop loss at Rs 1,450. Bajaj Finance is another good buy . It has shown robust monthly data. Bajaj Finance has also expanded rural credit.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
