Stocks to buy under ₹100: The domestic stock market suffered significant losses on Friday’s market session, with both the benchmark indices closing in the red due to profit booking amid a strengthening US dollar on January 3. The Nifty 50 index closed 0.76 per cent lower at 24,004.75 points, compared to 24,188.65 points at the previous market close.
The BSE Sensex index closed 0.90 per cent lower at 79,223.11 points on Friday, compared to 79,943.71 points at the previous market close.
Sumeet Bagadia’s stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, said that despite the selling pressure on Friday, the bias in the Indian stock market remained cautiously optimistic. The Nifty 50 index was able to sustain above the psychological 24,000 mark and crucial support of 23,900.
Speaking on the outlook for the Indian stock market, Sumeet Bagadia said, “Despite a heavy sell-off on Friday, the Indian stock market bias is cautiously optimistic as the Nifty 50 index has sustained above the psychological 24,000 mark and crucial support of 23,900. The 50-stock index is facing a hurdle at 50-DEMA, placing at around 24,200, while it has made a strong base at 200-DEMA, placing at 23,850. Bullish or bearish trends can be assumed on the breakage of this 200-DEMA to 50-DEMA range. So, day traders are advised to maintain a stock-specific approach and look at those stocks that are looking for stock on the technical chart.”
Regarding stocks to buy under ₹100, Sumeet Bagadia recommended buying these three shares: South Indian Bank Ltd., Lloyds Engineering Works Ltd., and Paramount Communications Ltd.
Stocks to buy under ₹100
1. South Indian Bank Ltd. (SOUTHBANK): Buy at ₹26.96; Target at ₹29; Stop Loss at ₹26.
2. Lloyds Engineering Works Ltd. (LLOYDSENGG): Buy at ₹85.29; Target at ₹92; Stop Loss at ₹82.
3. Paramount Communications Ltd. (PARACABLES): Buy at ₹85.1; Target at ₹91; Stop Loss at ₹82.5.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
