Stocks to buy under ₹100: Sumeet Bagadia recommends three shares to buy tomorrow

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.

The Pharma and Healthcare sectors stood out as the strongest performers among the various sectoral indices. The India VIX, an important gauge of market anxiety and volatility, dropped significantly by 12%, indicating a boost in investor confidence.

Sumeet Bagadia's stock recommendations

Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market bias is sideways to positive as the Nifty 50  index is finding a hurdle at 23,850. In contrast, it has crucial support placed at 23,250. The Choice Broking expert said that a bullish or bearish trend could be assumed on the breakage of either side of the range. He advised investors to look at those shares that are looking strong on the technical chart. 

Speaking on the outlook for the Indian stock market, Sumeet Bagadia said, "Overall, India's stock market bias is sideways to positive as the Nifty 50 index has failed to break above the 200-DEMA hurdle, which places at the23,850 mark. The 50-stock index has immediate support placed at 23,500 and 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. A bullish or bearish trend can be assumed on the breakage of either side of this range. So, one should look at stocks that look strong on the technical chart.

Regarding stocks to buy under ₹100, Sumeet Bagadia recommended buying these three shares: IRB Infrastructure Developers, GMR Airports, and PNB.

Stocks to buy under ₹100

1] IRB Infrastructure Developers: Momentum buy at CMP, Stop Loss of ₹50; Target Price of ₹65.

2] GMR Airports: Momentum buy at CMP, Stop Loss of ₹75; Target Price of ₹88.

3] PNB: Momentum buy at CMP, 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.