Today’s Stock Market Highlights: Intraday Picks Under ₹100

The Indian stock market experienced a notable uptick on Monday, buoyed by encouraging global market trends following a robust recovery in the US stock market last Friday. The Nifty 50 index closed 111 points higher, reaching 22,508, while the BSE Sensex surged 341 points, ending at 74,169. The Bank Nifty also saw a significant gain of 293 points, closing at 48,354. This upward momentum was fueled by strong performances in banking, financial, pharmaceutical, and automotive sectors.

Market Overview

The broader market reflected positive investor sentiment, with the Nifty Midcap 100 and Smallcap 100 indices climbing 0.7% and 0.5%, respectively. The Nifty Metal index rose 0.8%, thanks in part to China’s economic initiatives that supported base metal prices. Additionally, the weakening of the US dollar index amid growing economic concerns in the US provided further support for metal stocks.

Expert Insights on Market Trends

According to Siddhartha Khemka, Head of Research at Motilal Oswal Wealth Management, the Indian stock market is likely to remain in a consolidation phase as it reacts to global developments throughout the week.

Nifty 50 Projections

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, highlights that a decisive breakthrough above 22,600 could pave the way for targets of 22,800 to 23,000 in the near future. Conversely, a failure to hold these levels may result in a drop back to the lower range of 22,300.

Bank Nifty Outlook

In a similar vein, Hrishikesh Yedve, AVP of Technical and Derivatives Research at Asit C. Mehta, noted that as long as the Bank Nifty remains above 47,840, the upward momentum is expected to persist. He also mentioned that the 34-Day Exponential Moving Average (34-DEMA), positioned near 48,890, will serve as a crucial resistance point.

Top Intraday Stocks Under ₹100

For investors looking to capitalize on shares priced under ₹100, several experts have highlighted promising options. Here are the recommendations from notable analysts:

• Mahesh M Ojha, AVP of Research at Hensex Securities:

  1. PNB: Buy between ₹87 and ₹87.50, with price targets of ₹89, ₹91, and ₹94. Set a stop loss at ₹85.80.
  2. J&K Bank: Purchase within the range of ₹93 to ₹94, targeting ₹96, ₹98, and ₹100. Suggested stop loss is ₹90.80.

• Sugandha Sachdeva, Founder of SS WealthStreet:

  1. Paisalo Digital: Buy at ₹34.50, aiming for a target of ₹36.20, with a stop loss at ₹33.60.
• Anshul Jain, Head of Research at Lakshmishree Investment and Securities:
  1. Alembic: Acquire at ₹90, with a target of ₹95 and a stop loss set at ₹88 (Closing Basis).

Conclusion

With the Indian stock market showing resilience and potential growth, particularly in the banking and metal sectors, investors have a range of options to consider today. Keeping an eye on global influences and market trends will be crucial for making informed investment decisions.

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