The Indian stock market took a hit on Thursday, influenced by negative global trends following a downturn in the US markets. The Nifty 50 index closed at 22,397, down 73 points, while the BSE Sensex dropped by 200 points to finish at 73,828. Despite this decline, the Bank Nifty index showed resilience, gaining slightly to end at 48,060. Key sectors such as auto and IT struggled, with Reliance Industries Ltd. being the largest contributor to the market’s downturn, declining by 0.7%.
Market Overview: Key Trends
- The Nifty Realty, Media, and Financial Services sectors faced significant losses.
- In contrast, both the Bank Nifty and PSU Bank indices remained in the positive zone.
- Cash market volumes on the NSE saw a 15% drop compared to the previous trading day.
- Smaller stocks also lagged, with the Nifty Midcap and Smallcap 100 indices losing 0.75% and 0.98%, respectively.
- For the fourth consecutive day, declining shares outnumbered advancing ones, resulting in a BSE advance-decline ratio of 0.62.
Insights on Upcoming Market Trends
Looking ahead, Siddhartha Khemka, Head of Research at Motilal Oswal, suggests that the market is likely to remain within a range, experiencing some volatility influenced by global cues. He anticipates sector rotations as investors brace for the US Federal Reserve’s interest rate decision scheduled for March 19.
Nagaraj Shetti, a Senior Technical Research Analyst at HDFC Securities, comments on the Nifty 50 index, stating that a decisive move above 22,600 could rekindle buying interest towards 23,000. However, a drop below 22,300 might push the index down to the next support level of 22,000.
Regarding the Bank Nifty index, Om Mehra from SAMCO Securities emphasizes that a strong uptrend may only materialize above 48,600, while the index is likely to remain in sideways consolidation until a breakout occurs. He identifies 47,800 and 47,600 as critical support levels.
Stocks to Consider Below ₹100
For investors seeking opportunities in stocks priced under ₹100, experts recommend several promising options:
- MTNL: Suggested buy at ₹48.88 with a target of ₹52.50 and a stop-loss at ₹46.50.
- Navkar Corporation: Recommended buy between ₹90 and ₹91.50 with targets of ₹93.75, ₹95, ₹98, and ₹100, and a stop-loss at ₹87.80.
- JTL Industries: Buy at ₹74.90, targeting ₹77.50 with a stop-loss at ₹73.50.
- Steel City Securities: Recommended buy at ₹96.50 with a target of ₹100.50 and a stop-loss at ₹94.50.
In summary, while the market faces challenges, there are still potential opportunities for investors in specific stocks priced under ₹100. Stay informed and consider these insights as you navigate the current market landscape.
