Stocks to buy under ₹100: Indian stock market benchmarks, the Sensex and the Nifty 50, wrapped last week on a negative note, falling by almost a per cent.
Uncertainty over the India-US trade deal, foreign capital outflow, and caution ahead of the start of the Q1 results season were the key drivers keeping the Indian stock market in negative territory.
Foreign portfolio investors (FPIs) have sold Indian equities worth ₹5,773 crore in the cash segment so far in July amid rising concerns over the market’s stretched valuation.
During the week ended July 4, the Nifty 50 traded in a range of about 350 points, hitting weekly highs and lows of 25,331 and 25,669, respectively. Experts believe 25,500 remains key resistance for the index, and unless it sustains above this level, the domestic market may remain in a range.
Sumeet Bagadia’s stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, underscored that the Indian stock market sentiment has improved as the Nifty 50 index bounced back from 25,350-25,300 range and ended close to 25,450 levels.
He said the benchmark index is facing a hurdle in the 25,550 to 25,600 range, a breach of which may propel the market to 25,700 and 26,200.
“On breaking above the 25,550 to 25,600 resistance range on a closing basis, the Nifty 50 may soon touch 25,700 and 26,200. So, one should maintain a stock-specific approach and look at those stocks that are looking strong on the technical chart,” said Bagadia.
Stocks to buy under ₹100
Regarding stocks to buy under ₹100, Sumeet Bagadia recommended buying these three shares: PC Jeweller, Suryalakshmi Cotton Mills and Parsvnath Developers.
PC Jeweller | Buy in cash at ₹16.69 | Target price: ₹18.18 | Stop loss: ₹16
Suryalakshmi Cotton Mills | Buy in cash at ₹77.54 | Target price: ₹83 | Stop loss: ₹74.6
Parsvnath Developers | Buy in cash at ₹23.04 | Target price: ₹24.7 | Stop loss: ₹22.15
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
