Top 5 stocks to buy under ₹100: NTPC Green, Jayaswal Neco, Sagility, SBFC, South Indian Bank by Sumeet Bagadia

Immediate support for the Nifty 50 index is placed at 22,250-22,400, while 22,650-22,700 remains the key resistance zone, says Sumeet Bagadia of Choice Broking

Stocks to buy | Sumeet Bagadia's stock recommendations: The key benchmark indices of the Indian stock market staged a strong rebound on Friday, October 9, bringing an end to the Nifty 50 and Sensex's eight-week losing streak. The Nifty rose 1.30%, while the Sensex advanced 1.23%. Bank Nifty also recovered, gaining 1.36%. The rally was led by IT stocks following Tata Consultancy Services' September-quarter results, with buying extending to FMCG, auto and financial shares.

The macroeconomic backdrop remains challenging. Brent crude continued to trade above $100 a barrel, while WTI remained above $90. Comments from the US president on discussions with Iran offered some temporary relief, but tensions around the Strait of Hormuz and concerns over regional energy infrastructure have kept the risk of supply disruptions elevated. For India, persistently high oil prices pose risks to inflation, the import bill and the rupee.

Foreign investor selling remains a significant overhang. FIIs recorded net outflows of approximately ₹39,779 crore in October so far, while domestic institutional investors (DIIs) bought around ₹40,355 crore over the same period, broadly offsetting the foreign selling. Domestic institutional demand has provided an important cushion, absorbing much of the pressure from overseas investors and helping stabilise the market.

On the outlook for the Nifty 50 index, Sumeet Bagadia said, "Immediate support for the Nifty 50 index is placed at 22,250-22,400, while 22,650-22,700 remains the key resistance zone. RSI improved to 36.50 against its average of 31.48, indicating a gradual recovery from oversold territory."

On the outlook for the Bank Nifty index, Bagadia said, "Immediate support is seen at 54,800-55,000, while 55,500-55,800 is the next resistance zone. RSI rose to 45.20 against its average of 38.02, signalling improving momentum."

Bagadia said that a strong bullish candle highlights renewed demand at lower levels, though the index remains below its key moving averages.

1] NTPC Green Energy: Buy at ₹92.60 | Target ₹101 | Stop Loss ₹88;

2] Jayaswal Neco Industries: Buy at ₹91.40 | Target ₹99 | Stop Loss ₹87.50;

3] Sagility: Buy at ₹44 | Target ₹48 | Stop Loss ₹42;

4] SBFC Finance: Buy at ₹84.40 | Target ₹91 | Stop Loss ₹80.50; and

5] South Indian Bank: Buy at ₹47.91 | Target ₹52 | Stop Loss ₹45.