Stocks to buy under ₹100: The Indian equity markets closed the truncated trading week on a weaker note, pressured by elevated crude oil prices and rising global bond yields. Persistent concerns over the near-term inflationary impact of higher energy costs, along with their potential impact on economic growth, continued to weigh on investor sentiment.
Among the benchmark indices, the Sensex declined 0.65% to end at 74,294.46, while the Nifty slipped 0.22% to settle at 23,346.40. Broader market indices, including the midcap and smallcap segments, remained largely flat after a volatile week, following several weeks of relative outperformance.
Stock market this week
Nifty 50
Nifty 50 closed at 23,346.40, up 75.80 points (+0.33%), after opening higher at 23,334.70 and witnessing initial profit booking. The index found buying support near 23,286.60 and gradually recovered to an intraday high of 23,389.15 before settling higher. The daily chart formed a Doji-like candle, reflecting indecision after the recent decline, with buyers showing support at lower levels but supply emerging near the highs.
“Sectoral participation was largely positive, led by Metal (+1.51%), Media (+1.34%), Realty (+1.19%) and Chemical (+1.17%), while IT (-1.03%), Consumer Durables (-0.43%), FMCG (-0.23%) and Auto (-0.11%) remained weak. Support is placed at 23,150–23,200, while 23,450–23,500 remains the immediate resistance zone. PCR at 0.98 suggests a balanced setup, while India VIX declined 7.36% to 11.3850. Highest CE OI around 23,400–23,500 may cap upside, whereas PE OI concentration around 23,300–23,000 provides a potential cushion,” said Sumeet Bagadia, Executive Director at Choice Broking.
Bank Nifty
Bank Nifty closed at 56,358.70, up 302.95 points (+0.54%), after opening mildly higher at 56,172.85. Initial selling took the index to 56,073.55, where strong buying interest emerged and supported a sustained recovery towards the session high of 56,497.45. The index formed a bullish daily candle with a minor upper shadow, indicating renewed demand from lower levels and a positive intraday recovery.
“Buying interest was visible across both PSU and private-sector banks, with HDFC Bank gaining around 2.5% and providing support to the index. The 56,000–56,100 region has emerged as an important near-term base, while 56,700–57,000 remains the key resistance zone. Sustained buying above the resistance area could strengthen the recovery, whereas failure to hold the support zone may bring consolidation back,” Bagadia added.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, 21 September. The three stock picks by Bagadia are – Equitas Small Finance Bank, Meghmani Organics, and Filatex India.
1] Equitas Small Finance Bank: Buy at ₹74.09 | Target Price: ₹81 | Stop Loss: ₹70.50
2] Meghmani Organics: Buy at ₹63.14 | Target Price: ₹70 | Stop Loss: ₹59.60
3] Filatex India: Buy at ₹93.83 | Target Price: ₹104 | Stop Loss: ₹89
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
