Sumeet Bagadia of Choice Broking recommended IRFC, Motherson Sumi, and Lloyds Engineering Works as top stocks to buy under ₹100. The Indian stock market showed a strong recovery last week, with the Nifty 50 gaining 2.8%. Bagadia said, "Immediate support is placed at 22,900-22,980, while resistance is seen at 23,250-23,300."
Stock market outlook: Sumeet Bagadia of Choice Broking believes the Indian stock market bias has improved and buying at lower levels is visible
Stocks to buy under ₹100 | Sumeet Bagadia's stock recommendations: The key benchmark indices of the Indian stock market witnessed a strong recovery last week. After bleeding for eight straight weeks, all three key indices -- Sensex, Nifty 50 and the Bank Nifty -- ended higher for the second successive week. The Nifty 50 index ended 2.8% higher, while the BSE Sensex gained 2250 points last week. The Bank Nifty index gained 1.06% and finished at 55,844.
IT led sectoral gains with a 3.92% rise, while Media, Cement, Auto, Metal and PSU Bank also advanced. Mid Small Financial Services, Consumer Durables and Healthcare faced selling pressure.
Among the A-listed stocks on Dalal Street, Tata Elxsi shares were the top-gaining stocks with nearly 23% weekly gains, followed by Gallantt Ispat with 21%, 63 Moons Technologies with 20%, Tips Music, and Tech Mahindra logging around 20% gains last week.
Among the A-listed losers, KRN Heat Exchanger shares topped the list, losing around 17%, followed by Yes Bank and Avalon Technologies shares, which lost around 14% last week. Shares of HDB Financial Services lost more than 12.50%.
Indian stock market | Nifty 50 outlook
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market bias has improved and buying at lower levels is visible. Bagadia said that Nifty 50 closed at 23,146.15, gaining 148.80 points (+0.65%)after recovering from an early decline to 22,913.80 and finishing near the day's high. The long lower wick on the daily candle highlights buying interest at lower levels, supporting the ongoing recovery.
On the outlook of the Nifty 50 index, Sumeet Bagadia of Choice Broking, said, "Immediate support is placed at 22,900-22,980, while resistance is seen at 23,250-23,300. RSI improved to 52.81, well above its average of 34.70, indicating strengthening bullish momentum."
The Choice Broking expert said that PCR at 1.08 reflects a mildly positive derivatives setup, while India VIX remained steady at 14.0250. A sustained move above resistance could extend the recovery, while holding the support zone remains important for maintaining positive momentum.
Bank Nifty outlook
On the outlook of the Bank Nifty index, Bagadia said, the key benchmark index ended nearly flat at 55,844.00, up 33.50 points (+0.06%), as the initial gap-up failed to translate into a strong directional move. After early volatility, the index remained largely range-bound, indicating consolidation following its recent recovery.
"Immediate support is placed at 55,400-55,500, with resistance around 56,000-56,100. RSI stands at 51.91, above its average of 40.51, suggesting improving momentum despite limited price progress," said Bagadia.
The Choice Broking expert said the Bank Nifty index needs a decisive breakout above resistance to strengthen the bullish outlook, while a break below support could bring renewed selling pressure. For now, the near-term bias remains cautiously positive, with consolidation likely until a clear breakout emerges.
1] IRFC: Buy at ₹80.25 | Target ₹89 | Stop Loss ₹76;
2] Motherson Sumi Wiring India: Buy at ₹35.44 | Target ₹38 | Stop Loss ₹34; and
3] Lloyds Engineering Works: Buy at ₹96.37 | Target ₹108 | Stop Loss ₹90.50.