Intraday stocks for today under ₹100: Following the positive global market sentiments after a sharp recovery in the US stock market on Friday last week, the Indian stock market ended higher on Monday. The Nifty 50 index ended 111 points higher at 22,508, the BSE Sensex finished 341 points higher at 74,169, while the Bank Nifty index gained 293 points and closed at 48,354. The broader market witnessed buying interest, with Nifty Midcap100 and Smallcap100 rising by 0.7% and 0.5%, respectively. Healthy banking, financial, pharma, and auto stock gains increased frontline indices. The nifty Metal index rose by 0.8% as China's measures to revive its economy aided base metal prices. Further, weakness in the US dollar index amid mounting economic concerns in the US lifted the metal stocks.
Speaking on the outlook for the Indian stock market today, Siddhartha Khemka, Head of Research — Wealth Management at Motilal Oswal, said, "We expect the market to remain in consolidation mode, tracking global events over the week."
On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "A decisive move above the upper range of 22,600 could only open further upside towards 22,800 to 23,000 in the near term. Any failure to sustain the highs will likely drag Nifty to the lower band 22,300 again."
Asked about the outlook of Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta, said, “As long as Bank Nifty remains above 47,840, upward momentum is likely to continue. On the upside, the 34-Day Exponential Moving Average (34-DEMA) near 48,890 will act as a key resistance level.”
Regarding shares to buy under ₹100, stock market experts—Mahesh M Ojha, AVP—Research at Hensex Securities; Sugandha Sachdeva, Founder of SS WealthStreet; and Anshul Jain, Head of Research at Lakshmishree Investment and Securities—recommended buying these four buy or sell stocks: PNB, J&K Bank, Paisano Digital, and Alembic.
1] PNB: Buy at ₹87 to ₹87.50, targets ₹89, ₹91, and ₹94, stop loss ₹85.80; and
2] J&K Bank: Buy at ₹93 to ₹94, targets ₹96, ₹98, and ₹100, stop loss ₹90.80.
3] Paisalo Digital: Buy at ₹34.50, target ₹36.20, stop loss ₹33.60.
4] Alembic: Buy at ₹90, target ₹95, stop loss ₹88 (Closing Basis).
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
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