Stocks to buy with Anil Singhvi: Bajaj Finserv and HCL Tech are top Sanjiv Bhasin recommendations today

Stocks to buy with Anil Singhvi: Sanjiv Bhasin said Market participants should not miss out on the buying opportunities that have opened up just ahead of Budget 2021. In his outlook, Bhasin said there is a good chance that markets may recover strongly by Monday or Tuesday next week.

Sanjiv Bhasin said that BSE Sensex corrected sharply from 50000 levels in past few sessions. However, he is bullish on the markets from current levels. Bhasin believes Budget 2021 will be a game-changer for the markets. Bhasin believes that weakness in Global Markets will reverse after Feb 4th – Feb 5th. He said good quality shares should be bought in the current fall. The correction that market participants witnessed was a routine correction in the Bull Market.

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Regarding Bhasin’s call on Thursday, RBL Bank moved 9% from Rs 209 to Rs 229. He recommends to book profit in RBL Bank. Also, Bandhan Bank moved from Rs 305 to Rs 318 – Rs 320. Bhasin expects 14200 – 14300 levels on Nifty by Monday or Tuesday.

Today, Bhasin recommended a buy for market participants on Bajaj Finserv in the range of Rs 9025 – Rs 9040 with a target of Rs 9500 and stop loss of Rs 8875. The next stock is HCL Technologies. It should be bought in the range of Rs 940 – Rs 942 with a stop loss of Rs 928 and target of Rs 990 – Rs 1000.  

भसीन के हसीन शेयर: जानिए क्या है मार्केट आउटलुक
साथ ही जानिए संजीव भसीन ने किन 2 शेयरों को चुना खरीदारी के लिए@IIFLMarkets @sanjiv_bhasin pic.twitter.com/PPuJ56esyi

— Zee Business (@ZeeBusiness) January 29, 2021

Rollover Analysis:

Sharekhan says after three consecutive blockbuster expiry, Nifty saw a roller-coaster ride in the January series. It touched a lifetime high of 14753 levels and thereon saw a sharp decline, registering a series-on-series loss of 1.37%. Also, open interest of Nifty decreased by 20% indicating long unwinding seen in the January expiry.

However, the rollover in the Nifty was decent and in line with expectations at 77.28%, versus three-month average of 77.36%. While on the other hand Bank Nifty also after reaching a lifetime high at around 32842 it showed a one way decline, registering a series-on-series loss of around 3.02% with open interest increased by 22%, indicating a build-up of shorts in the index.

However, Rollover in the Bank Nifty was bit on the lower side at 74.55% compared to three-month average of 78.13% indicating some of the shorts are left out. FII action in the cash market of late has seen some pause in buying, so far in January month they are net buyers with just Rs 14911 cr. On the derivative front also, they reduced some of their longs in index futures, currently they are net long with just 29498 contracts in index futures. They have rolled over 73% of their Index long futures while 64% of their index short futures to the next expiry and their long-short ratio stands at 1.63.

On the options front, ahead of the important event of Budget which is scheduled on February 01, 2021, In-The-Money option i.e the 14000 strike put option is highest in open interest with 29417 contracts followed by 13000 PE with 25993 contracts. While on the call side 14500 CE is the highest in terms of open interest with 17413 contracts followed by 14000 CE with 13618 contracts.