Intraday stocks for today under ₹100: Experts recommend four shares to buy today — 2 January 2025 | Stock Market News
Source: Live Mint
Intraday stocks for today under ₹100: On the first day of 2025, the Indian stock market witnessed a decent buying interest and finished green. The Nifty 50 index ended 98 points higher at the 23,742 mark, the BSE Sensex shot up 435 points and closed at 78,574, whereas the Nifty Bank index finished 235 points northward at 51,096. The broader markets showcased strength, with Nifty mid-cap 100 and small-cap 100 indices gaining 0.4% and 1%, respectively.
Stock market today
Speaking on the outlook for the Nifty 50 index, Dhupesh Dhameja, Derivatives Analyst at SAMCO Securities, said, “On the daily chart, follow-through buying indicated the formation of a sustainable base, suggesting a potential bottom has been established and signals renewed interest among buyers. Additionally, the index reclaimed its 200-day exponential moving average (200-DEMA) and closed above it, indicating a shift in sentiment toward the bullish side. The pivotal support zone at 23,500–23,550, which aligns with a prior swing low, has proven critical. Sustained trading above this zone is essential for any meaningful bullish momentum to emerge. Efforts to push higher, however, continue to face resistance near the psychological 24,000 level due to a lack of consistent buying at elevated prices.”
On the Nifty Bank index outlook, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, said, “Bank Nifty opened on a flat note and witnessed profit booking in the first half. However, after initial turbulence, the Bank Nifty was able to defend a lower base of short-term consolidation around 51,500 levels, ultimately closing the day on a positive note at 51,061. Technically, the Bank Nifty index held its 200-day Exponential moving average (200-DEMA) near 50,480 and closed above trend line support. Furthermore, the index has formed a green candle on the daily chart, indicating strength. On the upside, the 50-Day Exponential Moving Average (50-DEMA) is placed near 51,880, which will act as resistance. In the short term, Bank Nifty is expected to trade within the 50,500–52,000 range, with a breakout on either direction determining its future direction.”
On the outlook for the Indian stock market today, Siddhartha Khemka, Head of Research — Wealth Management at Motilal Oswal, said, “Investors will watch out for December manufacturing PMI of India and US to be released tomorrow. FIIs continue to sell, offloading equities worth ₹4,645 crores on Tuesday, leading to outflows of ₹17,000 crore in Dec ’24. We expect markets to remain sideways until the start of the Q3 result announcements that will likely induce stock-specific action.”
Intraday stocks for today under ₹100
Asked about intraday stocks for today, stock market experts — Sugandha Sachdeva, Founder of SS WealthStreet and Anshul Jain, Head of Research at Lakshmishree Investment and Services — recommended buying these four shares: IFCI, South Indian Bank, Balaji Telefilms, and Confidence Petroleum.
Sugandha Sachdeva’s stocks to buy today
1] IFCI: Buy at ₹61.50, target ₹64, stop loss ₹59.80; and
2] South Indian Bank: Buy at ₹24.80, target ₹26.60, stop loss ₹23.90.
Anshul Jain’s shares to buy today
3] Balaji Telefilms: Buy at ₹76.50, target ₹82.50, stop loss ₹73.50 (Closing Basis); and
4] Confidence Petroleum: Buy at ₹72, target ₹79, stop loss ₹69.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
