Small-cap stocks under ₹100: Experts recommend six shares to buy next week | Stock Market News
Source: Live Mint
Small-cap stocks under ₹100: Following the hawkish US Fed outlook on the interest rate cut and FIIs’ selling, the Indian stock market snapped its four-week winning streak. The key benchmark indices erased their four-week gains in the week gone by. The Nifty 50 index slipped from 24,768 to 23,587, logging a weekly loss of 1,181 points. The BSE Sensex crashed from 82,133 to 78,041 levels, recording over 4,000 points loss last week. Likewise, the Nifty Bank index crashed from 53,583 to 50,759, logging a weekly loss of 2,824 points last week.
In this stock market crash, the Nifty 50 index broke below its 200-DEMA support, placing at 23,800, which may have boosted the morale of Indian stock market bears. In this bear-hit market, the Nifty 50 index is close to its recent swing low of 23,250, and bets are high on whether this support will remain sacrosanct or the 50-stock Index will touch a new low.
Stock market next week
Speaking on the outlook for the Indian stock market, Aditya Gaggar, Director of Progressive Shares, said, “Due to borrowed pessimism (US markets), relentless selling was seen, and the Index has formed a strong bearish candle on the weekly chart; however, on the daily chart, an advanced harmonic Bullish Cypher (not yet confirmed) pattern was spotted. If the sentiment changes in the forthcoming week, then the Index is likely to reclaim the psychological level of 24,000, whereas, in the case of trend continuation, the Index can drag to 23,350. The Bank Nifty stands close to its long-term trendline and 200-DEMA support. If the market reverses, the Bank Nifty can soar higher to 51,800 while a break below 50,500 will drag it further lower to 50,000.”
The Indian stock market experts recommended a cautious approach. They suggested buying these small-cap stocks under ₹100: Shree Renuka Sugars, Fedders Holding, AMJ Land Holdings, VIP Clothing, Network 18, and Jain Irrigation Systems.
Sugandha Sachdeva’s stocks to buy
1] Shree Renuka Sugars: Buy at ₹38.70, target ₹43.80, stop loss ₹36.30; and
2] Fedders Holding: Buy at ₹76, target ₹80.50, stop loss ₹74.
Anshul Jain’s shares to buy
3] AMJ Land Holdings: Buy at ₹70.30, target ₹100, stop loss ₹60; and
4] VIP Clothing: Buy at ₹45.50, target ₹70, stop loss ₹40.
Mahesh M Ojha’s small-cap stocks to buy
5] Network 18: Buy at ₹73 to ₹74.50, target ₹75, ₹78 and ₹80, stop loss ₹71.80; and
6] Jain Irrigation Systems: Buy at ₹68 to ₹69.50, targets ₹72, ₹75 and ₹78, stop loss ₹66.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
