The Indian stock market has shown a steady recovery over the past week, marking a second consecutive week of gains for the domestic equity benchmarks. Although the overall weekly increase was modest, the Sensex and Nifty 50 managed to showcase resilience amid fluctuations. After an initial uplift, the indices traded within a narrow range before experiencing some profit-taking in the final trading session. Ultimately, the Nifty 50 index fell by 0.86% to 24,039.35, while the BSE Sensex saw a decline of 0.74%, settling at 79,212.53.
Market Trends and Technical Insights
The Nifty 50 index, despite facing some resistance, rose by 0.79%, marking its second consecutive weekly gain. This upward movement is significant as it has successfully closed above the psychological threshold of 24,000, which is a crucial technical level. Furthermore, the index remains positioned above the 21-day, 55-day, and 200-day exponential moving averages, indicating ongoing bullish sentiment in the market.
Expert Opinions on Market Sentiment
Sumeet Bagadia, the Executive Director at Choice Broking, expresses a cautious outlook regarding the Indian stock market. He mentions that the Nifty 50 has settled below the 200-day exponential moving average (DEMA) of 24,050, which may signal potential volatility ahead. Bagadia emphasizes the importance of a stock-specific strategy, noting, “The critical support for the benchmark index is at 23,800, which is likely to hold firm. Investors should focus on stocks that exhibit strength in their technical charts.”
Top Stock Picks Under ₹100
For those looking to invest in shares priced under ₹100, Sumeet Bagadia has identified three promising stocks:
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Shree Digvijay Cement Co
- Current Price: ₹79.94
- Stop Loss: ₹77.14
- Target Price: ₹85.53
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Restaurant Brands Asia
- Current Price: ₹82.22
- Stop Loss: ₹79.34
- Target Price: ₹88.00
- Lotus Eye Hospital and Institute
- Current Price: ₹74.17
- Stop Loss: ₹71.50
- Target Price: ₹79.28
Conclusion
As the market navigates through these cautious waters, investors should keep an eye on these recommended stocks under ₹100, which may offer potential upside. With a strategic approach and careful monitoring of market trends, there are opportunities for growth even in a fluctuating environment. Always consider market conditions and individual risk tolerance before making investment decisions.
