Sumeet Bagadia Highlights Three Stocks Under ₹100 for Investors
Sumeet Bagadia recommends SJVN, NHPC, and Bank of Maharashtra as top picks for stocks priced under ₹100.
Nifty 50 index closed at 23,053.10, gaining 116.35 points.
Sumeet Bagadia suggests buying SJVN, NHPC, and Bank of Maharashtra.
Market sentiment remains cautious amid geopolitical tensions and oil price fluctuations.
In a recent market analysis, Sumeet Bagadia, Executive Director at Choice Broking, has identified three stocks under ₹100 that investors should consider. The Indian stock market showed positive momentum with the Nifty 50 index closing at 23,053.10, reflecting a gain of 116.35 points. This upward trend is attributed to buying interest in sectors such as IT and healthcare, despite the Bank Nifty lagging behind with a modest increase of 0.6%.
The market's recovery comes after a challenging period, with foreign institutional investors (FIIs) recording net purchases of ₹6,304.67 crore in the cash market over the week. Domestic institutional investors (DIIs) also contributed with net purchases of ₹3,109.79 crore. However, analysts caution that a single week of inflows is insufficient to reverse the broader selling trend observed throughout October, particularly as geopolitical tensions and high crude oil prices continue to pose risks to the Indian economy.
Bagadia provided insights into the Nifty 50's performance, noting that it has yet to reclaim its 50-day exponential moving average (EMA) at approximately 23,160. He indicated that immediate support levels are between 22,800 and 22,900, while resistance is seen between 23,150 and 23,200. The Relative Strength Index (RSI) has improved to 53.50, suggesting a strengthening short-term momentum, although the market remains cautious.
For investors looking for affordable stocks, Bagadia recommended three specific shares: SJVN, NHPC, and Bank of Maharashtra. He suggested buying SJVN at ₹53.39 with a target of ₹58.59 and a stop-loss at ₹50.40. For NHPC, the recommendation is to buy at ₹77.74, targeting ₹85 with a stop-loss at ₹73.80. Lastly, he advised purchasing Bank of Maharashtra at ₹81.36, aiming for a target of ₹89 and a stop-loss at ₹77.
Looking ahead, market participants are advised to monitor global and domestic indicators that may influence risk appetite and capital flows. The upcoming weeks will be critical as investors assess the impact of geopolitical developments and oil prices on corporate costs and inflation. A sustained move above the 50-day EMA for the Nifty 50 will be essential for a more robust recovery in market sentiment.
