Top Stock Picks With Anil Singhvi: Sanjiv Bhasin suggests ICICI Prudential, Federal Bank shares to buy for good returns

Top Stock Picks With Anil Singhvi: After heavy selloff for the four consecutive trade sessions, the Indian indices are trading in the green zone on Wednesday. Zee Business Managing Editor and market guru Anil Singhvi has clearly said that one should continue with the 'stock specific trade strategy' and mint more money from the stock market today. The Market Guru in this regard asked Sanjiv Bhasin to share his top stock picks of the day and the Director at IIFL Securities replied with ICICI Prudential and Federal Bank shares to buy for good returns.

Speaking on the ICICI Prudential shares Sanjiv Bhasin told Anil Singhvi, "Insurance stocks are giving good returns these days and my today's first pick is from the insurance sector and the share to buy is ICICI Prudential. One can buy the ICICI Prudential shares at current Rs 403 per stock levels for the targets Rs 435 and Rs 440 maintaining the stop loss at Rs 396 mark."

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Asked about his second pick the IIFL Securities Director said, "My second pick of the day is Federal Bank. It's downside risk is very low after the recent beating post-COVID-19 pandemic. I suggest traders to buy Federal Bank shares at Rs 48.50 to Rs 49 per stock mark for the target of Rs 54 to Rs 55 mark. However, one must maintain the stop loss at Rs 47.25 level."

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Bhasin said that Bank Nifty is in oversold condition and some recovery is expected. He also maintained taht after the opening bell recovery getting sustained, we can expect further 200 points rally by tomorrow end of the day at the NSE Nifty and the 50-stocks index can move up to 11,400 to 11,450 mark."