Stocks to buy under ₹100: A sharp wave of selling hit the Indian stock market on Friday, August 8, pulling down the key benchmarks by around 1 per cent each. The Sensex tumbled 765 points, or 0.95 per cent, to settle at 79,857.79, while the Nifty 50 declined 233 points, or 0.95 per cent, ending at 24,363.30. Among the broader market indices, the BSE Midcap index fell 1.56 per cent, and the Smallcap index slipped 1.03 per cent.
Stock market next week
Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, believes that the domestic markets remained under bearish pressure for the sixth consecutive week, with the Nifty slipping below the crucial support of 24,450 and even closing beneath it, registering a weekly decline of around 1%. The weakness was largely driven by persistent FII selling and rising concerns over fresh tariff measures proposed by Donald Trump. Additionally, the RBI’s monetary policy announcement during the week — which maintained a status quo — failed to provide any relief, leaving the markets unable to stage a recovery.
Speaking on the outlook of the Nifty 50 today, Mehul Kothari of Anand Rathi said, “ Due to the factors mentioned in the previous week, we had indicated that selling pressure could persist and that a move below 24,450 would likely attract further downside. In line with that view, this support has now been breached, and the index appears to be heading towards the 24,000–23,800 zone — an area where both the 200 DEMA and 200 DSMA are placed. This could potentially be the final leg of the correction, as we have started witnessing positive divergence in the RSI on the intraday charts, and on the daily scale, the RSI is approaching its support zone. On the upside, a recovery can be expected only if the index moves above 24,600, which is the immediate swing high. A decisive move beyond this level could trigger a relief rally. For now, traders should remain light and avoid taking any aggressive bets.”
Meanwhile, speaking on Bank Nifty outlook, he added, “ Bank Nifty too remained under pressure and finally breached the 55,000 mark. A sustained move below this level could drag the index lower towards 53,300, which coincides with the 200 DEMA. On the other hand, only a move above 55,600 would bring the bulls back into action in banking stocks.”
Mehul Kothari’s stock recommendations under ₹100
Regarding stocks to buy under ₹100, Mehul Kothari of Anand Rathi recommended buying on Motherson Sumi Wiring India, Tata Teleservices (Maharashtra), and Delta Corp Monday.
1] Motherson Sumi Wiring India: Buy at ₹39, Target ₹43, Stop Loss ₹37;
2] Tata Teleservices (Maharashtra): Buy at ₹57, Target ₹60, Stop Loss ₹55.50; and
3] Delta Corp: Buy at ₹82, Target ₹86, Stop Loss ₹80.
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.
