In today’s edition of popular TV programme ‘Bhasin Ke Hasin Share’, market expert Sanjiv Bhasin advised investors to remain cautious saying the market was currently in an overbought position. In a chat with Zee Business Managing Editor Anil Singhvi, the IIFL Director warned market participants that there could be sharper than expected corrections.

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Reiterating his stand, he said that it was time for profit-booking in banks. He was also bullish on IT and pharma sectors. Significantly, his previous recommendations on Cadila Healthcare and Canara Bank have achieved their target price. Meanwhile, IT stocks like Infosys and TCS have also hit their stated targets, he said.

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His advice to investors is to guard their profits.

He gave two buy and two sell recommendations  today.

Stocks to Buy: Wipro

He recommended Wipro as a top buy calling it an outperformer. The stock is currently trading around Rs 361. He recommends buying at Rs 359. He puts the stop loss at Rs 353 while the target price at Rs 375.

Stocks to Buy: Lupin

Another stock recommended by him was from the pharma sector, He picked Lupin. The stock should be bought at Rs 933-934.  He puts the stop loss at Rs 919 and the target price at Rs 1000.

Stocks to Sell: HDFC Bank

He said that this stock has been in some controversy and is best advised for selling. This stock should be sold at Rs 1385-Rs 1388. He puts the stop loss at Rs 1410 while the target price at Rs 1305.

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Stocks to Sell: HDFC Bank

Another short sell was NTPC, Bhasin said. He called it overbought. HDFC Bank stock should be sold at Rs 98.75. the stop loss is Rs 100.75 while the target price is Rs 92.50, he said.