IIFL Securities Director Sanjiv Bhasin on Friday predicted that Nifty50 will head towards 17600 after showing some corrections in the next couple of days on the back of sheer short-covering and global rally. In a special edition 'Bhasin Ke Hasin' aired on Zee Business with Managing Editor Anil Singhvi, he said that the next leg of the market rally will be propelled by a global rally in the oversold market from 14-15 October.

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The market expert advised participants to be cautious in the range-bound market, adding that there would be stock-specific actions.

Bhasin said that he is bullish on Bharti Airtel and Grasim Industries as he advised investors to buy these stocks for short-term gains on the back of strong fundamentals.

Bharti Airtel Fut

Bhasin said that Bharti Airtel is unquestionably going to be a market leader with the launch of 5G in 8 cities as the pricing war will come into play.

Price Target: Rs 815

Stop Loss: Rs 765 

Grasim Industries Fut

Bhasin said that the company’s primary product Viscose Staple Fibre (VSF) and its ancillary products are doing extremely well. He said that Aditya Birla Group company is one of the market leaders.

Price Target: Rs 1730

Stop Loss: Rs 1645  

IIFL Director said that he is also bullish on the auto stocks as he advised investors to keep Bosch and Motherson Sumi on their radar. Motherson Sumi last week announced a bonus issue in the ratio of 2:1.