"Buy SBI, NTPC this week", recommends ICICI Securities VP Dharmesh Shah
Dharmesh Shah, Vice President at ICICI Securities, has suggested two stocks to consider buying this week: State Bank of India (SBI) and NTPC.
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Dharmesh Shah, Vice President at ICICI Securities, has suggested two stocks to consider buying this week: State Bank of India (SBI) and NTPC. Shah's recommendations come amidst optimistic market sentiments driven by exit polls projecting a stable government following the general elections.
Exit polls indicate a favorable outcome for Prime Minister Narendra Modi's party, with projections suggesting a significant victory. This anticipation has positively impacted the market outlook, with domestic benchmark indices, bonds, and the rupee expected to rise during Monday's trading session.
In light of these developments, Shah expressed confidence in the market's bullish trajectory, reiterating a positive stance. He anticipates the Nifty 50 index to reach 23,400 in the coming weeks, supported by robust global cues. Key support levels are identified at 22,400.
Shah highlighted the recent uptrend in the market, coupled with exit poll results, as factors contributing to a buoyant start to the week. He expects volatility to diminish post-election results and emphasizes utilizing any temporary pullbacks as buying opportunities.
Sector-wise, Shah identifies Banking, Public Sector Undertakings (PSUs), Capital Goods & Infrastructure, Defense, Power, and Telecom as areas of focus. He underscores the resilience of the Nifty 50, noting its ability to maintain a strong higher base formation around 21,800 despite negative news.
Regarding specific stock recommendations, Shah advises buying State Bank of India (SBI) in the range of ₹820-835 with a target of ₹890 and a stop loss at ₹792. For NTPC, he suggests buying in the range of ₹358-366 with a target of ₹408 and a stop loss at ₹342.
Overall, Shah's outlook remains optimistic, anticipating further upside potential in the market, with State Bank of India (SBI) and NTPC presenting attractive buying opportunities within their specified ranges.
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