Stocks to buy under ₹100: Experts recommend six shares to buy today
The Nifty 50 rose 0.4% to 25,103.2 to an eight-month high, while the BSE Sensex gained 0.31% to 82,445.21. The gains in the broader market beat that of the benchmarks as the small-cap index added 1.6% and the mid-cap index jumped 1.1%
Twelve of the 13 major sectors on the NSE advanced. Nifty Private and Nifty PSU Banks advanced 1.03% and 1.52%, respectively. Nifty Financials added 0.5%.
The outlook for the Indian stock market remains firm on the back of strong domestic and global cues.
Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services, said, "Overall, we expect the market to continue its gradual up-move, on the back of strong domestic cues - better than expected Q4 corporate earnings, RBI's liquidity-boosting measures, above average monsoon forecast and the likely US-India trade deal."
Meanwhile, commenting on the technical outlook for Nifty 50, Rupak De, Senior Technical Analyst at LKP Securities, said, "The Nifty has finally broken out of its prolonged consolidation on the daily timeframe. Market sentiment appears positive, with the index sustaining well above the crucial 50-day moving average (50DMA)."
A golden crossover on the daily chart has been supporting the bullish sentiment. Following the breakout, a rise towards 25,350 looks likely, he said, adding that a decisive move above this level could trigger a rally towards 25,700. "On the downside, support is placed at 24,850; a breach below this level may lead to a shift in sentiment," De said.
Regarding stocks to buy today, market experts Sumeet Bagadia, Executive Director at Choice Broking; Sugandha Sachdeva, Founder of SS WealthStreet; Anshul Jain, Head of Research at Lakshmishree Investment and Securities and Mahesh M Ojha, AVP - Research at Hensex Securities buying these six intraday stocks under ₹ 100: Reliance Power, NMDC, MIC Electronics, Imagicaaworld Entertainment, Asian Granito India and Hindustan Construction Company (HCC).
1) Reliance Power: Buy in cash at ₹ 64.62, target price at ₹ 71.62, stop loss at ₹ 62.35
2) NMDC: Buy in cash at ₹ 74, target price at ₹ 79.18 and stop loss at ₹ 71.41
3) MIC Electronics: Buy at ₹ 66, target price at ₹ 82-90, stop loss at ₹ 55
4) Imagicaaworld Entertainment: Buy at ₹ 73.50, target price at ₹ 80, stop loss at ₹ 70
5) Asian Granito: Buy at ₹ 60.25-61.25, target price at ₹ 64, followed by ₹ 67 and ₹ 70; stop loss at ₹ 58.70
6) HCC: Buy at ₹ 35.15-36.15, target price at ₹ 38, followed by ₹ 41, ₹ 44 and ₹ 47
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