Stocks to buy under ₹100: Experts recommend six shares to buy on Monday — 6 January 2025 | Stock Market News

Stocks to buy under ₹100: Following weak global market cues on selling in the US stock market for five straight sessions, the Indian stock market ended lower on Friday. The Nifty 50 index lost 183 points but sustained above the crucial 24,000 mark. The BSE Sensex nosedived 773 points and closed at 79,170, while the Nifty Bank index crashed 632 points and finished at 50,972. Among sectors, Media, Oil & Gas, and Consumer Durables led the gainers, while IT, Pharmaceuticals, and Banking sectors faced the most substantial selling pressure. The broader markets showed relative resilience, with the Nifty Mid-cap and Smallcap 100 indices declining by 0.3% and 0.24%, respectively, outperforming the benchmark’s 0.76% fall. Market breadth remained positive for the fourth consecutive session, with an advance-decline ratio of 1.13.

Stock market next week

Speaking on the Nifty 50 index outlook, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “The near-term uptrend remains intact for Nifty. A decisive move above Thursday’s high (24,226) could open renewed buying participation towards 24,400 to 24,500 levels. Immediate support for the Nifty 50 index is around 23,930 to 23,840 levels.”

Asked about the outlook of the Nifty Bank index, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, said, “The Bank Nifty index opened on a slightly negative note, saw selling pressure and settled the day on a negative note at 50,989. Technically, the Bank Nifty has formed a bearish candle on a daily scale, indicating profit booking. However, the index is still above trend line support and maintained above the 200-Day Exponential Moving Average (200-DEMA), near 50,500 levels. On the upside, the index is facing resistance near 52,000 levels. As long as the index remains in the range of 50,500-52,000, ongoing consolidation will continue. Either side breakout will set the next direction for Bank Nifty.”

On the outlook for the Indian stock market, Siddhartha Khemka, Head of Research — Wealth Management at Motilal Oswal, said, “The US manufacturing PMI fell to 49.4 in December from 49.7 in the previous month on account of decline in new orders and an acceleration in input costs. US weekly jobless claims hit an eight-month low as the labour market remains resilient, reinforcing the Federal Reserve’s projections for fewer interest rate cuts this year. In the near term, we expect markets to witness stock/sector-specific action based on pre-quarterly business updates released by companies ahead of their Q3 results.”

Stocks to buy under ₹100

On stocks to buy under ₹100, market experts — Sugandha Sachdeva, Founder of SS WealthStreet, Mahesh M Ojha, AVP — Research at Hensex Securities and Anshul Jain, Head of Research at Lakshmishree Investment and Securities — recommended buying these six shares: Yes Bank, Aartech Solonics, IDFC First Bank, Bank of Maharashtra, Manaksia Steels, and AMD Industries.

Sugandha Sachdeva’s stocks to buy on Monday

1] Yes Bank: Buy at ₹19.40 to ₹19.60 range, target ₹21.20, stop loss ₹18.70; and

2] Aartech Solonics: Buy on dips at ₹88.50, target ₹94, stop loss ₹86.40.

Mahesh M Ojha’s stocks to buy under ₹100

3] IDFC First Bank: Buy at ₹64 to ₹65.50, targets ₹68, ₹72, ₹75 and ₹78, stop loss ₹62; and

4] Bank of Maharashtra: Buy at ₹54 to ₹55 range, targets ₹58.50, ₹62, ₹65 and ₹68, stop loss ₹52.

Anshul Jain’s shares to buy next week

5] Manaksia Steels: Buy at ₹62.40, target ₹65, stop loss ₹60 (closing basis); and

6] AMD Industries: Buy at ₹66.50, target ₹70.50, stop loss ₹64.50.

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 making any investment decisions.