Stock to Buy: Analyst Sandeep Jain recommends ICICI Bank, Agro Tech Foods as his intraday, positional picks for Monday

Notwithstanding the current corrections in the Indian markets, expert Sandeep Jain said that going into the Budget 2022 lighter augurs well. The announcements in budget will likely act as a trigger for markets to move up, the Tradeswift Director opines.

He said that there is a strong support in Nifty50 at levels between 17,500 and 17,600 and the trajectory taken by the markets over the last hours should be taken as a positive, he further said.

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Markets ended on a negative note on Friday. This was the fourth straight correction seen during the week gone by. While the BSE Sensex ended at 59,037.18, down by 427 points or 0.7 per cent from the Thursday closing level, the broader market Nifty50 settled at 17,617.15, down by 140 points of almost 0.8 per cent.

Stocks in the banking, IT, finance and metal sectors created pressure on the stock markets. Sensex and Nifty50 fell around 4 per cent over the week.

On Friday, the FIIs were net sellers and sold stocks worth Rs 3148 cr. Meanwhile, the Domestic Institutional Investors were net buyers and bought equities worth Rs 269 cr.

He said that he expects some big announcements for the banking sector and picks a stocks from this segment.

Stocks to Buy: He picks ICICI Bank as his first stock for Monday. This is an intraday Futures and Options (F&O) pick. The stock was recommended at levels of Rs 804 with a price target of Rs 815 and Rs 820. He puts the stop loss at Rs 795.

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Another stock picked by him was Agro Tech Foods. This stock ended with gains on Friday at Rs 991.85 and was up 0.3 per cent from the last closing price of Thursday. It was recommended as an intraday positional pick. He puts the target price at Rs 1050 with a stop loss of Rs 950.