Stocks to buy under ₹100: The Indian stock market closed marginally lower on Friday, May 30, influenced by mixed global signals. The Sensex declined by 182 points, or 0.22%, ending at 81,451.01, while the Nifty 50 dropped 83 points, or 0.33%, to settle at 24,750.70 on the opening day of the June futures and options (F&O) series. This marked the second straight week of losses for the benchmark indices.
The Nifty index posted gains for the third straight month, climbing close to 2% in May. However, its momentum has slowed recently as high valuations and the absence of new positive catalysts have led to a period of consolidation.
Sumeet Bagadia’s stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the undertone for the Indian stock market is positive but the Nifty 50 index is facing hurdle at 25,000 levels.
Speaking on the outlook of the Indian stock market, Bagadia added, “ On breaching above this resistance, we can expect the benchmark index to touch 25,400 soon. On the lower side, the index has made strong support at 24,500 levels. So, one should maintain stock-specific approach and look at those stocks that are looking strong on the technical chart.”
Stocks to buy under ₹100
Regarding stocks to buy under ₹100, Sumeet Bagadia recommended buying these three shares: Reliance Power, Fiberweb (India), and MMTC.
1] Reliance Power: Momentum buy at ₹58.1, Stop Loss of ₹56; Target Price of ₹62.
2] Fiberweb (India): Momentum buy at ₹51.63, Stop Loss of ₹49.5; Target Price of ₹55.5.
3] MMTC: Momentum buy at ₹85.77, Stop Loss of ₹93; Target Price of ₹82.5.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
