5 Stocks Recommended By ICICI Securities That You Could Buy Next Week

Here are a list of stocks recommended by ICICI Securities, which could be attractive buys next week. This stocks are good for long term gains.

Jindal Stainless

According to ICICI Securities the removal of export duty is likely to redeem JSL's volume and margins. "Besides, the commissioning of 1mntepa brownfield capacity may result in volume CAGR of 20% (pro forma basis). We have raised our volume estimates to 1.4mnte (earlier 1.1mnte) owing to improved prospects in both domestic and export markets. Our revised target pr

Buy stocks of Astral and Jubilant Foodworks

The others stocks that the brokerage has recommended to buy are the stocks of Astral and Jubilant Foodworks. On Jubilant the brokerage has a price target of Rs 720, while on Astral the brokerage has set a target price of Rs 2295.

Further downside in markets possible

The Nifty and the Sensex have now lost almost 5% from peaks. "Yesterday Nifty opened higher on a positive note declined gradually and continued to trade lower for the whole trading session. It eventually closed 0.39% lower in negative. Technically on a daily chart it has formed bearish candle indicating weakness ahead in the near term. Confirming sell on rally yet confluence of support around 17800 zone is likely to restrict downside. There is a possibility of further downside or one may expect consolidation movement," KR Choksey said in a note.

Decline in Bank Nifty could crate opportunities

According to a KR Choksey note, Bank Nifty too witnessed and identical trend like Nifty in fact underperformed benchmark indices and closed 0.49% lower in negative. Technically on a daily chart it has given a close below previous bullish gap zone implying change in short term trend. Thus any decline in prices towards support zone could create buying opportunities with trailing stop loss in order to reduce risk and favorable risk reward ratio.