As the Indian stock market continues its upward trajectory, investors are keenly exploring opportunities, especially in stocks priced under ₹100. On Friday, the Sensex and Nifty indices saw impressive gains, marking a five-day winning streak fueled by fresh investments from foreign funds and a surge in banking stocks. The BSE Sensex climbed by 557.45 points (0.73%), closing at 76,905.51, while the NSE Nifty rose by 159.75 points (0.69%) to settle at 23,350.40.
Market Highlights
- Midcap and small-cap stocks experienced remarkable weekly increases of 7.7% and 8.6%, respectively.
- This surge represents the strongest weekly performance in nearly five years.
- The Indian rupee also marked its best week in over two years, showcasing a positive economic environment.
Despite the recent rally, the Nifty 50 index remains approximately 11% below its all-time high. Investors have witnessed an impressive ₹22.12 lakh crore increase in their wealth over the past week.
Insights from Sumeet Bagadia
Sumeet Bagadia, the Executive Director at Choice Broking, provides a cautious outlook on the Indian stock market. He notes that the Nifty 50 has struggled to break past the resistance level at 22,650. Bagadia emphasizes that while the index is maintaining support above 22,300, significant movements could be anticipated if it breaks through either the 22,000 to 22,650 range.
Recommended Stocks Under ₹100
For those looking to invest in stocks priced under ₹100, Bagadia suggests the following three options:
-
Pasupati Acrylon
- Buy Price: ₹55.77
- Stop Loss: ₹53.5
- Target Price: ₹60
-
MTNL
- Buy Price: ₹48.88
- Stop Loss: ₹46.5
- Target Price: ₹52.5
- Sepc
- Buy Price: ₹16.42
- Stop Loss: ₹15.75
- Target Price: ₹18
These recommendations could provide strategic entry points for investors looking to capitalize on the current market momentum while remaining within a budget-friendly price range.
Concluding Thoughts
In summary, the Indian stock market is experiencing a notable resurgence, offering promising opportunities for investors. Keep an eye on the Nifty 50 as it tries to establish a clearer trend, and consider the recommended stocks for potential growth. As always, thorough research and careful analysis are essential for making informed investment decisions.
