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Stocks to buy under ₹100: The key benchmark indices of the Indian stock market remained volatile during the week, with the Nifty 50 index extending its weekly losing streak to seven consecutive weeks, marking its longest such losing run in six years. The benchmark came under significant selling pressure on Thursday, when the Nifty 50 index declined 1.64%, before recovering modestly on Friday amid value buying. Despite the late-week recovery, the 50-stock index closed the week down around 0.88% from the previous Friday’s close.
Sumeet Bagadia, Executive Director at Choice Broking, believes the outlook for the Indian stock market is sideways to bearish. The Eliot Wave expert said the crucial support for the Nifty 50 index is at 22,900–23,000, with resistance at 23,300–23,370.
Speaking on the outlook for the Nifty 50 index, Sumeet Bagadia said, “A sustained move above 23,370 could provide room for a recovery towards higher levels, whereas a decisive break below 22,900 may resume the broader selling pressure. The expected trading range for the next session is 22,900–23,370.”
On the outlook for the Bank Nifty index, Sumeet Bagadia said, “For the near term, 55,000–55,200 will remain the key support zone, while 55,750–56,000 is likely to act as the immediate resistance area. A sustained move above 56,000 could improve the short-term structure, while a break below 55,000 may increase selling pressure. Until either side of the range is decisively breached, the index is likely to remain range-bound.”
Regarding stock picks for Monday, Sumeet Bagadia recommended buying these five stocks priced under ₹100: Lloyds Enterprises, Bajaj Housing Finance, Bank of Maharashtra, GMR Airports, and RBA.
1] Lloyds Enterprises: Buy at ₹79.67 | Target ₹86 | Stop Loss ₹76;
2] Bajaj Housing Finance: Buy at ₹83.14 | Target ₹90 | Stop Loss ₹79;
3] Bank of Maharashtra: Buy at ₹84.90 | Target ₹91 | Stop Loss ₹81.80;
4] GMR Airports: Buy at ₹97.95 | Target ₹107 | Stop Loss ₹91; and
5] RBA: Buy at ₹92.51 | Target ₹100 | Stop Loss ₹88.50.
Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.
Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records. <br><br> While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat. <br><br> Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities. <br><br> Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91).
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