Market Expert Sumeet Bagadia Shares Stock Picks Under Rs 100 as Nifty Holds Key Support

Indian stock market benchmark indices traded in a narrow range during a holiday-shortened week, following a strong rally in the previous week. Steady foreign investments and better-than-expected corporate earnings for the second quarter helped absorb profit booking by traders, allowing benchmarks to close the week slightly higher. At the same time, inflation came back into focus as retail inflation rose to a two-year high, crossing the Reserve Bank of India's upper tolerance limit due to higher food prices. Worries about monetary tightening ended a three-session winning run at the end of the week.

Market Outlook

Sumeet Bagadia, who is the Executive Director at Choice Broking, states that the Indian stock market outlook remains positive as long as the Nifty 50 index stays above the 25,000 mark. The Nifty 50 index has immediate support between 25,000 and 25,080, with resistance placed at 25,250 to 25,400. Its Relative Strength Index stands at 75.22, showing strong momentum that is currently stretched. Meanwhile, the Bank Nifty index has support between 60,400 and 60,750, with resistance levels at 61,300 and 61,500.

Stock Recommendations

For investors looking at stocks priced under 100 rupees, Sumeet Bagadia recommends three specific shares. First, investors can buy Lloyds Engineering at a price of 89.25 rupees, with a target price of 98 rupees and a stop-loss set at 85 rupees. Second, Niva Bupa is recommended at a buy price of 78.77 rupees, with a target of 86 rupees and a stop-loss at 75 rupees. Third, Vedanta Power is suggested at a buy price of 34.92 rupees, with a target of 38.50 rupees and a stop-loss at 33 rupees.

Context

Stock market analysts regularly issue support levels and stock picks based on technical indicators like the Relative Strength Index and derivatives data to help retail investors navigate daily trading ranges. Such recommendations rely on chart patterns and price momentum rather than long-term fundamental business shifts alone.