Stocks to buy under ₹100: Sumeet Bagadia recommends three shares to buy tomorrow | Stock Market News
Source: Live Mint
Stocks to buy under ₹100: The domestic benchmark indices saw the Sensex increase by 226 points, while the Nifty 50 closed above the 23,800 level on Friday, driven by gains in the auto and banking sectors, despite investors exercising caution due to foreign institutional investor (FII) outflows and a historic drop in the rupee. For 2024 till 27th December, FIIs sold equities worth ₹1,19,277 crores through the stock exchanges.
The 30-share Sensex rose by 226.59 points, or 0.29%, finishing at 78,699.07. At one point during the day, it surged by 570.67 points, or 0.72%, to reach 79,043.15. The Nifty 50 also gained, rising by 63.20 points, or 0.27%, to settle at 23,813.40.
Among the various sectoral indices, the Pharma and Healthcare sectors stood out as the strongest performers. The India VIX, an important gauge of market anxiety and volatility, dropped significantly by 12%, indicating a boost in investor confidence.
Market analysts suggest that with only two trading days remaining in 2024, the Nifty 50 appears to be on track for another remarkable year. Prashanth Tapse, a Senior Vice President of Research and Research Analyst at Mehta Equities, noted that Indian investors are optimistic that the Nifty 50 will conclude the year with notable gains, capitalizing on the positive sentiment associated with the ongoing Santa Claus Rally, which extends through Friday, January 3.
Puneet Singhania, the Director at Master Trust Group, pointed out that the market’s outlook will be influenced by key domestic and global economic indicators, including India’s Infrastructure Output, the Current Account for Q3, the HSBC Manufacturing PMI for India (December), Bank Loan Growth in India, India’s Foreign Exchange Reserves (in USD), US Pending Home Sales for November, the UK S&P Global Manufacturing PMI, the US Federal Reserve’s Balance Sheet, Initial Jobless Claims in the US, and the ISM Manufacturing PMI in the US.
Market View
Overall, India stock market bias is sideways as the Nifty 50 index has failed to break above 200-DEMA hurdle places at 23,850 mark. The 50-stock index has immediate support placed at 23,500 while it has crucial support at 23,250. So, the frontline index of Dalal Street is trading in a broader range of 23,250 to 23,850 range. Bullish or bearish trend can be assumed on the breakage of either sides of this range. So, one should look stocks that are looking strong on the technical chart.
Stock picks for Monday
IRB Infrastructure Developers Ltd – Stop Loss of ₹50; Target Price of ₹65.
GMR Airports Ltd – Stop Loss of ₹75; Target Price of ₹88.
Punjab National Bank (PNB)- Stop Loss of ₹95; Target Price of ₹110-115.
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.
