In chat with Anil Singhvi, analyst Sanjiv Bhasin says buy ONGC, Canara Bank and sell Britannia

India Infoline (IIFL) Director Sanjiv Bhasin has been bullish on Bank Nifty as well as banking stocks. On Friday, this index saw a tremendous action and it ended up 2.8 per cent at 23,846.80. 

The technical analyst continues to be bullish on PSU stocks. His earlier recommendation of BPCL has hit the target price on Friday. He advised profit booking in this stock. He maintained that the PSUs will likely shine from here. Bank of Baroda and LIC Housing, which he referred to as being a dark horse, also met targets.  

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In chat with Zee Business Managing Editor, he talked about three stocks – two buys and one sell and the theme remained PSUs for the Director.   

Top Stocks to Buy: ONGC  

  His first buying pick was ONGC. Crude prices have crawled back to USD 43. The rerating in ONGC is also expected soon. This stock is currently trading around Rs 70. He puts the stop loss at Rs 67.50 while the target price at Rs 78-82. 

Top Stocks to Buy: Canara Bank  

 The Director picked Canara Bank as his other top pick. This stock is currently trading around Rs 90. He puts the stop loss at Rs 88.25 while the target price between Rs 98 and Rs 100. He said that this bank will be the third biggest beneficiary of the falling bond yields. Among the PSUs, State Bank of India and Bank of Baroda have the biggest portfolio in this segment.   

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Top Stocks to Sell: Britannia Industries  

His sell recommendation was on Britannia Industries as the consumption remained weak. He said that the stop loss is Rs 3820 and the target price is Rs 3600. The stocks should be sold in the range between Rs 3745 and Rs 3755.