Intraday stocks for today under ₹100: Experts recommend six shares to buy today — 16 December 2024

Intraday stocks for today under ₹100: Amid a highly volatile session, the Indian stock market finally ended higher on Friday. The Nifty 50 index broke out from the consolidation and finished 219 points higher at 24,768. The BSE Sensex surged 860 points and closed at 82,150, whereas the Nifty Bank index gained 414 points and ended at 53,630. Amongst the sectoral indices, Nifty FMCG, Consumer durables and Private Bank gained the most, while Nifty Metal, Media and Reality fell the most. NSE cash market volumes were lower by 6% as compared to yesterday. The Nifty Mid-cap and Small-cap indices underperformed as they fell by 0.05% and 0.30%, respectively, against a 0.89% rise in the Nifty. Declining shares outnumbered the advancing shares for the second day in a row as the advance-decline ratio stood at 0.85 on BSE.

Intraday stocks for today under ₹100

Speaking on the outlook for the Indian stock market today, Sugandha Sachdeva, Founder of SS WealthStreet, said, "The Nifty 50 index staged a robust rebound in the previous session, closing higher by 0.89%. For the week, the benchmark index broke out of its consolidation phase, marking its fourth consecutive week of gains. Although Nifty briefly breached the crucial support of 24,280, aligned with its 100 DEMA, during the morning session, strong buying interest at lower levels reaffirmed this level as a key support.

On the outlook for Nifty today, Sugandha Sachdeva said, "Easing domestic inflation has fueled optimism for a potential rate cut by the RBI in its February meeting, adding to the positive sentiment. On the technical front, Nifty's up move saw it surpass key hurdles at 24,680 and 24,750, reflecting underlying strength. Immediate support for the day is positioned at 24,550, while resistance is at 24,880. A sustained move above 24,880 could pave the way for the index to test the 25,000 and 25,200 levels in the coming days."

Unveiling intraday trading strategy, the SS WealthStreet expert said, "Market participants are advised to adopt a buy-on-dips approach as long as the 24,280 level holds on a closing basis. This week, all eyes will be on the Federal Reserve's interest rate decision and its guidance on further easing in 2025. Additionally, monetary policy announcements from other major central banks, including those in Japan, the UK, and Nordic countries, are expected to influence domestic market movements significantly."

Intraday stocks today

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 six shares: IOB, Gateway Distriparks, Aartech Solonics, Soma Textiles, BL Kaahyap, and Paramount Cable.

Sugandha Sachdeva's stocks to buy today

1] IOB: Buy at ₹55.20, target ₹58, stop loss ₹53.40; and

2] Gateway Distriparks: Buy at ₹87, target ₹893.60, stop loss ₹85.30.

Anshul Jain's shares to buy today

3] Aartech Solonics: Buy at ₹79.50, target ₹83.50, stop loss ₹78; and

4] Soma Textiles: Buy at ₹55, target ₹58.50, stop loss ₹53.50.

Mahesh M Ojha's intraday stocks today

5] BL Kaahyap: Buy at ₹81 to ₹82, targets ₹88, ₹91, ₹95 and ₹100, stop loss ₹77; and

6] Paramount Cable: Buy at ₹78.50 to ₹80.50, target ₹84, ₹86, ₹88, and ₹95, and stop loss below ₹74.

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.