The Indian stock market has shown a promising upward trend recently, with key indices like the Sensex and Nifty 50 gaining momentum, thanks to significant investments from foreign funds. However, the excitement was somewhat tempered by a drop in the share price of Tata Motors after the U.S. government announced new tariffs on auto imports. Let’s delve into the latest market movements and explore potential stocks to consider under ₹100.

Market Performance Overview

On Thursday, the BSE Sensex rose by 317.93 points, marking a 0.41% increase, closing at 77,606.43. At its peak during the session, the index surged as much as 458.96 points, reaching 77,747.46. Similarly, the Nifty 50 climbed 105.10 points, a 0.45% rise, to settle at 23,591.95.

• Sensex: +317.93 points (0.41% gain)
• Nifty 50: +105.10 points (0.45% gain)

Nifty 50 Outlook

According to Rupak De, a Senior Technical Analyst at LKP Securities, the Nifty 50 index displayed a sideways trend throughout the trading session. He noted that the option positions suggest an expiry around 23,600.

• Support Level: 23,400
• Potential Resistance: 23,800, if it holds above 23,600

Bank Nifty Analysis

Hrishikesh Yedve, AVP of Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd, highlighted that while the Bank Nifty opened lower, it regained strength to close positively at 51,576.

• Support Level: 51,000 (200-day Simple Moving Average)
• Resistance Levels: 51,880 and 52,000

Yedve recommends a "buy on dips" strategy for Bank Nifty as long as it remains above the critical support level.

Top Stocks to Consider Under ₹100

Market analysts have identified several stocks under ₹100 that could be worth considering for investment. Experts like Mahesh M Ojha from Hensex Securities, Sugandha Sachdeva, the founder of SS WealthStreet, and Anshul Jain, Head of Research at Lakshmishree Investment and Securities, shared their insights on potential buy/sell opportunities.

Here are their recommendations for day trading:

• HFCL

  • Buy Range: ₹80 – ₹81.25
  • Stop Loss: ₹78
  • Target Price: ₹83 – ₹85 – ₹88 – ₹90+

• Morepen Laboratories

  • Buy Price: ₹48.5
  • Stop Loss: ₹47
  • Target Price: ₹51
• NHPC
  • Buy Price: ₹80.50
  • Stop Loss: ₹78.90
  • Target Price: ₹83.30

These stocks represent a blend of growth potential and strategic entry points for investors looking to capitalize on the market’s current dynamics. As always, it’s crucial to conduct your own research or consult with a financial advisor before making investment decisions.