The Indian stock market experienced a downturn on Thursday, April 3, but surprisingly managed to outperform many of its Asian peers. This decline came on the heels of the Trump administration’s decision to impose a hefty 26% tariff on Indian exports, making India one of the least-tariffed nations in the region. Despite significant initial losses, the Nifty 50 index showed resilience by recovering some ground and closing at 23,243 points, down 0.38% from the previous session. Similarly, the Sensex ended lower at 76,295 points, reflecting a 0.42% drop.
Market Resilience Amidst Volatility
While the frontline indices faced challenges, the broader market exhibited surprising strength. Notably, the Nifty Midcap 100 index rose by 0.26%, finishing at 52,186 points. Even more impressive was the Nifty Smallcap 100, which gained 0.58, closing at 16,255 points. This resilience indicates a potential opportunity for investors looking for stocks under ₹100.
Expert Insights on Market Trends
According to Sumeet Bagadia, Executive Director at Choice Broking, the current sentiment in the Indian stock market appears to be weakening. He noted that the Nifty 50 has fallen below the critical 50-DEMA support level of 23,150. Bagadia stated, "The frontline index is nearing vital support around 22,800. If this level breaks, we could see a drop to 22,300 in the near future." He encourages investors to focus on stocks that exhibit strength on their technical charts.
Recommended Stocks Under ₹100
For those interested in affordable investment options, Bagadia has pinpointed three stocks under ₹100 worth considering:
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Silgo Retail
- Entry Price: ₹49.31
- Stop Loss: ₹53
- Target Price: ₹47.4
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Atal Realtech
- Entry Price: ₹15.34
- Stop Loss: ₹16.4
- Target Price: ₹14.75
- Balaji Telefilms
- Entry Price: ₹71.23
- Stop Loss: ₹77.5
- Target Price: ₹68.6
Conclusion
As the Indian market navigates through these turbulent waters, investors should keep a close eye on market movements and consider opportunities in the lower price range. With expert insights guiding their choices, prudent investors can position themselves for potential gains in the upcoming weeks. For more information on market trends and stock recommendations, stay tuned to reliable financial news sources.
