Nifty may achieve a target of 8700 by 13-14 April and is giving a favourable risk reward to investors, Sanjiv Bhasin, Director at IIFL Securities told Zee Business Managing Editor Anil Singhvi in an exclusive chat.
Bhasin who was speaking on the likely investment strategy that investors should adopt under the current market situation. He is bullish on Nifty futures towards the second half of April and recommends buying around 8115-8120 levels.
At 12:15 pm, Nifty 50 was trading around 8140, down by 1.4% from the Thursday close.
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The IIFL Director puts the stop loss at 8000. Note that the nationwide lockdown is likely to end around this period as the government has not indicated an extension of the period.
Anil Singhvi said that in the current market scenario a rise or fall of 400-500 points is not a big deal and one good news could propel Nifty by 600 points.
Bhasin, who on Zee Business had previously suggested buying Hindustan Zinc, suggests to hold on to the stock. He expects the shares to reach levels of around Rs 185 which could further go till Rs 200. The shares of Hindustan Zinc are currently trading around Rs 157.
He said that the coronavirus crisis is an unforeseen event and expects the markets to get better in a week’s time.
He said that the current crisis is not going to last long adding that people should invest in good shares adding that the markets are giving investors a once in a life time opportunity.
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Reiterating Bhasin’s statement, Anil Singhvi said that there is opportunity for investors, though traders will have to be cautious amid the rising and falling markets.