Stocks to buy under ₹100: Despite a gap-up opening, the Indian stock market ended lower for the third straight session on Tuesday. The Nifty 50 index ended 174 points lower at 24,542. The BSE Sensex nosedived 636 points and closed at 80,737, while the Bank Nifty index finished 303 points lower at 55,599. Oil & Gas was the worst-performing index, and Nifty Realty was the best-performing index. The Nifty Realty index added 1% amid hopes of a rate cut by the Reserve Bank of India in its upcoming policy review. The Nifty Smallcap100 index showcased its outperformance relative to the benchmark by rising 0.10%.
On the outlook of the Indian stock market today, Siddhartha Khemka, Head of Research — Wealth Management at Motilal Oswal, said, "With the Q4 earnings season largely behind us, markets are expected to remain in a consolidation phase as participants shift focus to key macro trends and global cues."
Speaking on the outlook of the Nifty 50 today, Shiju Kuthupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, said, "The Nifty 50 index witnessed resistance near the 24,800 zone in the morning session and succumbed to profit booking as the day progressed on the back of weak global cues to witness profit booking and closed near the important support zone at 24,500 level. The index needs to sustain above the 24,500 zone, failing which the bias would turn slightly weak, and thereafter, the significant 200-period MA at the 24,050 zone would be the next major support position. The sentiment would be maintained cautiously with the geo-political tensions looming around again."
"The Bank Nifty index fizzled out the positive development witnessed in the last session and has been gripped inside the tight range of 55800 and 54500 levels with overall bias remaining positive. As mentioned earlier, the index needs to sustain above the crucial support of the 54500 level to maintain the overall bias intact and would need a decisive breach above the 55800 level to break through above the tight range and expect a fresh upward move in the coming days," said Shiju Kuthupalakkal of Prabhudas Lilladher.
Regarding stocks to buy today, market experts Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher; Sugandha Sachdeva, Founder of SS WealthStreet; and Anshul Jain, Head of Research at Lakshmishree Investment and Securities, recommended buying these four intraday stocks under ₹100: Medico Remedies, Jain Irrigation Systems, Sterlite Technologies, and Nova Agritech.
1] Medico Remedies: Buy at ₹52, Target ₹58, Stop Loss ₹49; and
2] Jain Irrigation Systems: Buy at ₹60, Target ₹65, Stop Loss ₹58.
3] Sterlite Technologies: Buy at ₹72, Targets ₹75.50, ₹78.80, Stop Loss ₹70.
4] Nova Agritech: Buy at ₹51.40, Target ₹55, Stop Loss ₹50.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.