Indian indices tumble over 2% as oil spike fuels caution; Choice Broking flags three sub‑₹100 buys

Nifty 50 slid to 22,600, a drop of 546 points or 2.36%, after the index fell from 23,146 amid a holiday‑shortened week of heightened inflation worries. BSE Sensex fell 1,606 points, or 2.15%, to 73,123 and Bank Nifty slipped 1,557 points, or 2.79%, to 54,287, reflecting broad de‑risking and a sharp correction in mid‑ and small‑cap stocks while large‑caps fared better. IT stocks were the only sector to hold steady, bouncing back from early selling, whereas consumer durables, metals and realty saw the heaviest outflows as input‑cost and margin concerns resurfaced. Choice Broking’s Executive Director Sumeet Bagadia said the market’s near‑term bias stays cautious unless Nifty recovers its 22,750‑22,800 resistance band. He noted immediate support at 22,350‑22,400, RSI at 42.38 versus a 40.28 average, and a PCR of 0.74, indicating a modest momentum lift but a careful derivatives setup. Call open interest clusters around 22,500‑22,700 and put open interest around 22,400‑22,500. For Bank Nifty, Bagadia pointed to support at 53,900‑54,000, resistance at 54,600‑55,000, and a slipping RSI of 37.73 below its 43.83 average, suggesting continued selling pressure. He recommended three stocks under ₹100: Niva Bupa Health Insurance Company (buy at ₹71.93, target ₹748, stop‑loss ₹68.50), GMR Airports (buy at ₹86.38, target ₹94, stop‑loss ₹82) and Restaurant Brands Asia (buy at ₹88.25, target ₹96, stop‑loss ₹83.80). ## Context These picks target firms that Bagadia believes can outperform despite broader market weakness, a strategy often used by investors looking for upside potential at low entry prices.