Top Stocks Under ₹100 to Watch as Markets Brace for a Resilient Week Ahead
Despite global market pressures and consistent selling in the US stock market, the Indian stock market displayed resilience on Friday. The Nifty 50 index lost 183 points, closing at 24,047, while the BSE Sensex plunged 773 points to 79,170. Nifty Bank also ended on a weaker note, dropping 632 points to finish at 50,972. However, broader markets outperformed, with the Nifty Mid-cap and Small-cap 100 indices declining just 0.3% and 0.24%, respectively.
Market Trends and Insights
Media, Oil & Gas, and Consumer Durables led the gains, while IT, Pharmaceuticals, and Banking sectors faced notable selling pressure. Positive market breadth was maintained for the fourth consecutive session, with an advance-decline ratio of 1.13.
Experts suggest that despite the dip, the Nifty’s near-term uptrend remains intact. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, noted, “A decisive move above 24,226 could push the Nifty to levels between 24,400 and 24,500, with support resting near 23,930 to 23,840.”
Regarding Nifty Bank, Hrishikesh Yedve, AVP at Asit C Mehta, observed, “The Bank Nifty remains above its 200-Day EMA support of 50,500. Resistance at 52,000 could keep the index in consolidation mode. A breakout on either side will dictate its next move.”
Siddhartha Khemka, Head of Research at Motilal Oswal, highlighted the impact of global indicators: “A resilient US labor market and weak manufacturing PMI suggest limited rate cuts by the Federal Reserve. Market movements will focus on stock-specific updates ahead of Q3 results.”
Expert Recommendations: Stocks to Buy Under ₹100
Market analysts have identified promising opportunities in stocks priced below ₹100. Here are six recommendations:
- Yes Bank
- Buy Range: ₹19.40–₹19.60
- Target: ₹21.20
- Stop Loss: ₹18.70
- Aartech Solonics
- Buy on Dips: ₹88.50
- Target: ₹94
- Stop Loss: ₹86.40
- IDFC First Bank
- Buy Range: ₹64–₹65.50
- Targets: ₹68, ₹72, ₹75, ₹78
- Stop Loss: ₹62
- Bank of Maharashtra
- Buy Range: ₹54–₹55
- Targets: ₹58.50, ₹62, ₹65, ₹68
- Stop Loss: ₹52
- Manaksia Steels
- Buy Range: ₹62.40
- Target: ₹65
- Stop Loss: ₹60
- AMD Industries
- Buy Range: ₹66.50
- Target: ₹70.50
- Stop Loss: ₹64.50
Outlook
As Indian markets enter a crucial period of stock-specific action ahead of Q3 earnings, investors should watch global cues and sectoral trends closely. While the broader indices remain in consolidation, selective buying in undervalued stocks could provide lucrative opportunities for short-term gains.
Disclaimer: The above recommendations are based on analysts’ views. Investors are advised to consult with their financial advisors before making any investment decisions.
