Intraday stocks for today under ₹100: Following the weak global market sentiments after the US Fed meeting outcome falling in line with the market expectations, the Indian stock market ended lower for the fourth straight session on Thursday. The Nifty 50 index nosedived 236 points and closed at the 23,961 mark, the BSE Sensex crashed 939 points and ended at 79,242, while the Nifty Bank index finished 528 points and 51,610. All the sectoral indices ended in the red except Nifty Pharma.
The Nifty IT, Nifty Financial services, and consumer durables fell the most. The Nifty Mid-cap 100 and the Small-cap 100 index continued their downward journey for the third day in a row, falling by 0.28% and 0.51%, respectively. Though the index ended in the red, both recovered sharply from the early morning lows and ended the day near the day's high. Declining shares outnumbered the advancing shares for the third day in a row, where the advance-decline ratio stood at 0.74 on BSE.
Speaking on the outlook for the Indian stock market today, Sugandha Sachdeva, Founder of SS WealthStreet, said, "The Nifty 50 index witnessed a sharp decline in the previous session, despite the widely anticipated 25 bps rate cut by the US Federal Reserve. This negative reaction was driven by the Fed's hawkish outlook, which curbed market optimism. The central bank now projects only two rate reductions in 2025, compared to the four implied in its September guidance. The revised Fed funds rate forecast at 3.9% at the end of 2025, up from the prior 3.4% projection, indicates inflationary pressures may persist longer than expected. This outlook has dampened risk appetite globally, exerting pressure on domestic equities."
On the outlook for Nifty today, the SS WealthStreet expert said, "As anticipated, Nifty declined toward the 23,900-23,820 zone, a crucial support area on the monthly timeframe. A recovery is likely if this level holds; however, heightened volatility is expected. If the support is breached, the index could face further downside toward the 23,700 mark. Immediate resistance is pegged at 24,380, and a break above this level is necessary for a meaningful up-move."
On triggers that may dominate the stock market today, Sugandha Sachdeva said, "Market focus now shifts to the US PCE index, the Fed's preferred inflation gauge, which will likely provide additional clarity and direction in the days ahead."
Regarding intraday stocks to buy today, stock market experts — Sugandha Sachdeva of SS WealthStreet, Anshul Jain, Head of Research at Lakshmishree Investment and Securities, and Mahesh M Ojha, AVP — Research at Hensex Securities — recommended buying these seven shares: Bank of Maharashtra, HMA Agro Industries, Vakrangee, Paisalo Digital, NACL, Niraj Cement, and Paramount Communications.
1] Bank of Maharashtra: Buy at ₹52.40, target ₹55.50, stop loss ₹50.50; and
2] HMA Agro Industries: Buy at ₹39.80, target ₹42.40, stop loss ₹38.30.
3] Niraj Cement: Buy at ₹66, target ₹100, stop loss ₹55 (closing basis); and
4] Paramount Communications: Buy at ₹85, target ₹120, stop loss ₹75 (closing basis).
5] Vakrangee: Buy at ₹31.50 to ₹32.50, targets ₹34, ₹36, ₹38, and ₹40, stop loss ₹29.50;
6] Paisalo Digital: Buy at ₹55 to ₹57, targets ₹59.50, ₹62, and ₹65; stop loss below ₹53; and
7] NACL: Buy at ₹60 to ₹61.50, targets ₹63.75, ₹66, ₹68, and ₹70, stop loss ₹58.
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.
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