By Soumya Ranjan Experts advise purchasing six shares of Morepen Laboratories, IOL Chemicals and Pharmaceuticals, Vascon Engineers, IDBI Bank, Trident, and Spencer’s Retail as stocks under ₹100 today.
Stocks to buy under ₹100:
The Indian stock market indices had a great start and continued to rise in the morning before succumbing to sell-off pressure at higher levels in the second half of Wednesday. Nevertheless, even though they lost the majority of their morning gains, the major benchmark indices ended the day higher. At 24,813, the Nifty 50 index ended the day 129 points higher. The BSE Sensex closed at 81,596 after gaining 410 points. With a gain of 197 points, the Bank Nifty index returned to its peak of 55,000.
Real estate and pharmaceuticals were the two sectors with the best results at the end of the day. The performance of the overall market was mixed, with smallcaps underperforming the major benchmark indices and midcaps marginally outperforming them.
Stock market today
“We expect markets to remain firm, supported by healthy domestic macros, decent corporate earnings, and prospects of an above-normal monsoon this year,” stated Siddhartha Khemka, Head of Research—Wealth Management at Motilal Oswal, in reference to the outlook for the Indian stock market today. Institutional purchasing in larger markets ought to offer additional assistance.
“The Nifty 50 index, with the overall trend maintained positive, witnessed a recovery amid the volatile session from near the 24700 zone to end on a positive note near the 24800 level with anticipation of retesting the 25000 zone in the coming session,” Shiju Kuthupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, said in reference to the Nifty 50’s outlook today. With the index showing an ascending channel pattern on the daily chart and important support located close to 24500, the overall bias is kept strong. On the upper side, a clear break above the 25000 zone will initiate a new upward move in the days ahead.
“The overall trend remains positive as the Bank Nifty index stays within the narrow range of the 55700 and 54500 zones, near the 55000 level. As previously stated, we continue to hold the critical support level, which is located close to the 54000 level and must be maintained. We anticipate a new rise in the days ahead, but first there must be a clear break above the 55800 zone, according to Shiju Kuthupalakkal.
Stocks to buy today
Market experts Mahesh M. Ojha, AVP — Research at Hensex Securities; Sugandha Sachdeva, Founder of SS WealthStreet; Sumeet Bagadia, Executive Director at Choice Broking; and Anshul Jain, Head of Research at Lakshmishree Investment and Securities, suggested the following six intraday stocks for today: Morepen Laboratories, IOL Chemicals and Pharmaceuticals, Vascon Engineers, IDBI Bank, Trident, and Spencer’s Retail.
Sumeet Bagadia’s stocks to buy under ₹100
1] Morepen Laboratories: Buy at ₹65.94, Target ₹70.55, Stop Loss ₹63.63; and
2] IOL Chemicals and Pharmaceuticals: Buy at ₹86.27, Target ₹92.30, Stop Loss ₹83.25.
Mahesh M Ojha’s shares to buy under ₹100
3] Vascon Engineers: Buy at ₹48 to ₹49.25, Targets ₹51, ₹53, ₹55, Stop Loss ₹46.40; and
4] IDBI Bank: Buy at ₹93 to ₹94.50, Targets ₹96, ₹98, ₹100, ₹103, Stop Loss ₹90.80.
Sugandha Sachdeva’s intraday stock for today
5] Trident: Buy on dips at ₹31.20, Target ₹35.50, Stop Loss ₹28.90
Anshul Jain’s stock of the day
6] Spencer’s Retail: Buy at ₹66, Target ₹70, Stop Loss ₹63.
It’s interesting to see how the Indian stock market started strong but faced some pressure later in the day. The Nifty 50 and Sensex still managed to end higher, which is a positive sign. Real estate and pharmaceuticals seem to be leading the way, but the mixed performance of smallcaps and midcaps is worth noting. Siddhartha Khemka’s outlook on the market seems optimistic, especially with the expectation of a good monsoon and strong corporate earnings. Shiju Kuthupalakkal’s analysis of the Nifty 50’s ascending channel pattern also suggests potential for further growth. Do you think the Bank Nifty’s narrow range indicates a consolidation phase before another upward move? I’m curious to hear your thoughts on whether the market can sustain this momentum in the coming sessions.