Sumeet Bagadia’s share recommendations under ₹100: The key benchmark indices of the Indian stock market continued to bear the brunt of sharp foreign fund outflows and rising US bond yields amid the raging conflict in the Middle East. Investors are also perturbed by elevated crude oil prices and the resultant decline in the rupee against the dollar, leading to a broad market sell-off in domestic equities, although IT shares bucked the downward trend after the recent correction.
The Nifty 50 index finished at 22,421, logging a weekly loss for the eighth straight session, whereas the BSE Sensex fell nearly 2000 points. The Bank Nifty index finished at 54,450. All three key benchmark indices witnessed strong selling throughout the truncated week.
Stock market outlook by Sumeet Bagadia
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market bias has further weakened, as the Nifty 50 index is approaching its near-term support at 22,200. Going down memory lane, Sumeet Bagadia said that, in 2008, the Nifty 50 declined for seven consecutive weeks before witnessing a five-week positive move.
Speaking on the outlook for the Nifty 50 index, Sumeet Bagadia said, “The short-term structure continues to show weakness, with sustained selling pressure over the last eight weeks keeping the broader market under pressure. The index is currently holding around the 22,400 zone, but a sustained move above 22,600 would be important for a stronger recovery.”
Bagadia said that PCR at 0.99 indicates a relatively balanced options setup, while the highest Call OI concentration is seen around 22,400–22,500 and the highest Put OI concentration around 22,400–22,300, making this zone important for the near-term price action.
The Choice Broking expert said that if the 50-stock index closes above 22,600 for two consecutive sessions, a stronger pullback could be expected. Historically, in 2008, Nifty declined for seven consecutive weeks before witnessing a five-week positive move. Immediate support is seen at 22,100–22,200, while resistance is at 22,600/22,800.
On the outlook for the Bank Nifty index, Sumeet Bagadia of Choice Broking said, the selling pressure has persisted for the past four weeks, resulting in a series of lower highs and lower lows on the Daily chart. This pattern confirms that sellers have remained dominant.
“The setup currently reflects a clear sell-on-rise structure. The critical support zone at 53,843 holds significant importance for the ongoing trend. A decisive close below 53,843 may open the door for a further decline towards 53,000–52,800. On the other hand, if this support holds firm, the index could attempt a rebound towards 55,000–55,200 in the coming sessions,” Bagadia added.
Sumeet Bagadia’s stock recommendations today
Regarding ₹100″>stocks to buy under ₹100, Sumeet Bagadia recommended these five shares: Sagility, Ujjivan SFB, NTPC Green Energy, Bajaj HFL, and Jayaswal Neco Industries.
1] Sagility: Buy at ₹43.17 | Target ₹46.50 | Stop Loss ₹41.50;
2] Ujjivan SFB: Buy at ₹65.60 | Target ₹71 | Stop Loss ₹62.50;
3] NTPC Green Energy: Buy at ₹91 | Target ₹99 | Stop Loss ₹87;
4] Bajaj HFL: Buy at ₹82.91 | Target ₹89 | Stop Loss ₹79; and
5] Jayaswal Neco Industries: Buy at ₹91.28 | Target ₹100 | Stop Loss ₹86.70.
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.
