HDFC Bank, Tata Steel, and Infosys: These 5 stocks are recommended by IIFL Securities for this week

Following strong global cues, the Indian market concluded last week's Friday session higher after a three-day losing run. The BSE Sensex rose 303 points and reclaimed the 60,000 barriers, while the Nifty Bank index gained 289 points and concluded at the 42,371 mark. The NSE Nifty increased by 98 points to close at 17,956. Following excellent third-quarter results for the current fiscal year and optimistic projections from the leading IT companies, IT stocks saw a significant increase in purchasing interest the day before.

Anuj Gupta, Vice President — Research at IIFL Securities believes that Nifty has been able to sustain above the crucial 17,780 support and the market has bounced back twice after coming close to this range. The IIFL Securities expert went on to add that pull back rally on Friday is an indication that Dalal Street is trading range-bound to positive in 17,780 to 18,250.

For the week ahead, he advised traders and investors to assume a broader Nifty range between 17,750 to 18,500) and said that a bullish or bearish trend can be concluded on the breakage of either side of the given range. Asked about stocks to buy today that can give whopping returns in the week ahead, Anuj Gupta of IIFL Securities recommended 5 shares to buy today and those 5 shares are IDFC First Bank, HDFC Bank, Infosys, Tata Motors, and Tata Steel.

"As European markets have surged to record higher levels, Indian IT companies are expected to perform better as they get huge traction from the European countries in their overseas business. Apart from this, banking and metal stocks are expected to continue attracting market bulls. In fact, Tata Motors is also expected to outperform its peers as JLR numbers are expected to go strong to stronger in strong European markets," said Anuj Gupta of IIFL Securities.

Here we list out 5 stocks to buy today for whopping returns by the end of this week:

Tata Steel: Demand in the metal segment and higher base metal prices are expected to fuel this Tata group stock. One can buy Tata Steel shares at the current market price for the target of Rs128 apiece level. However, one must maintain the strict stop loss at Rs114 per share level.

Tata Motors: Due to higher JLR number and strong European markets, Tata Motors' share price is expected to bounce back from its lows and one can initiate momentum buying in the scrip at the current market price for the short-term target of Rs450 maintaining a stop loss at Rs 288 apiece levels.

Infosys: After encouraging Q3FY23 results and positive guidance by frontline IT companies, IT stocks received strong buying on Friday and the trend is expected to continue this week as well. One can initiate buying in Infosys shares at the current price for near term target of Rs1565. However, one should keep a stop loss at Rs1454 levels while taking a fresh position in this bellwether IT scrip.

IDFC First Bank: One can buy IDFC First Bank shares at CMP for a short-term target of Rs74 apiece levels maintaining a stop loss at Rs52.

HDFC Bank: After strong Q3FY23 results on Saturday, HDFC Bank shares are expected to move upside and hence strong buying interest is expected in the banking scrip. One can initiate momentum buying in HDFC Bank shares at market price for the short-term target of Rs1670 maintaining stop loss at Rs1558 apiece level.

In European markets, the FTSE 100 index hit a record high of 7,864.95 on Friday, the CAC 40 index has climbed above 7,000 levels and is just around 200 points away from its lifetime high of 7,227.35Euro Stoxx 50 index ended at 4,150 levels, which is less than 200 points lower from life-time high. DAX index has been in a continuous uptrend since September 2022 and it is around 1,000 points away from its 52-week highs.

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