Market expert Sanjiv Bhasin today said that emerging markets were showing strength owing to weak dollar, though the overall market situation was irrational. In his chat with Zee Business Managing Editor and market guru Anil Singhvi, the IIFL Securities Director, however, showed confidence on Nifty saying that it will likely test 11,300 levels.
In a caution note, Bhasin said that the investors should be watchful as the Reserve Bank of India (RBI) policy announcement on Thursday could be a bit “uncertain”. The banking regulator on Tuesday started its three-day brainstorming on the bi-monthly monetary policy amid the ongoing Coronavirus health crisis.
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He further said that the investors should stay put in the markets and hedge their bets. Though the emerging markets are relatively stronger than the developed ones, movements may happen both ways, he warned.
Top Stocks To Buy – Updates on Tuesday recommendations:-
Bhasin on Tuesday recommended stocks like ITC, DLF, UPL. Though ITC did not perform as per his expectations, it will reach Rs 200, he said. DLF and UPL performed well and the investors should book profit on both these stocks.
Bhasin recommended two stocks today and both were Buy calls.
Top Stocks To Buy: Grasim Industries
His first Buy was Grasim Industries which is currently trading around Rs 636. He puts the stop loss at Rs 622 while the target price at Rs 675. He advised investors not to play Vodafone Idea for now and instead buy Grasim. Ultratech and Hindalco are hitting new highs which are the holding companies, he said. He further said that Grasim Industries stocks will see inordinate highs both on treasury side and on the performance side.
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Top Stocks To Buy: Federal Bank
His other call was Federal Bank. The stock is currently trading around Rs 52. He puts the stop loss at Rs 51 and target price at Rs 60. Bhasin said that Federal Bank will soon become the largest gold lender among the banks.