Stocks to buy under ₹100: Vaishali Parekh recommends three shares to buy or sell

Stocks to buy under ₹100: Benchmark indices Sensex and Nifty 50 extended their winning streak for the fourth straight session on Thursday, April 17, supported by broad-based buying and reduced concerns over the impact of the ongoing trade war on India’s economy.

The Sensex surged 1,509 points, or 1.96%, to close at 78,553.20, while the Nifty 50 advanced 414 points, or 1.77%, to end at 23,851.65. However, mid and small-cap stocks lagged behind, with the BSE Midcap and Smallcap indices posting modest gains of 0.56% and 0.52%, respectively.

Stock market update

On the Nifty outlook, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, said, “Nifty, witnessed another session of robust move having tremendous buying interest triggered among the frontline stocks which pulled the index to retest the previous peak level of 23870 zone with the overall trend getting stronger anticipating for further rise. The index would have the next upside targets of 24200 and 24800 levels with near-term support positioned near the 100 period MA at 23400 zone which needs to be sustained as of now.”

Meanwhile, on the Bank Nifty outlook, Parekh added, “BankNifty, witnessed one of the best sessions in recent times almost retesting the previous peak zone of 54470 level with most of the frontline banking stocks like HDFC Bank, ICICI Bank, Kotak Bank, Axis Bank and SBI gaining strength, leading from the front to pull the index to new high. The index has now opened the gates for upside target of 56200 and 57500 levels in the coming days with 52500 level maintained as the important and crucial support zone as of now which needs to be sustained.”

Parekh says that the support for the day is seen at 23700 levels while the resistance is seen at 24200 levels. BankNifty would have the daily range of 53700-55000 levels.

Vaishali Parekh’s recommended stocks

Regarding stocks to buy under ₹100 , Vaishali Parekh recommended these three buy or sell stocks: Reliance Power, GMR Airports, and National Fertilizers Limited.

1] Reliance Power: Buy at ₹42.10, target ₹44.50, stop loss ₹41;

2] GMR Airports: Buy at ₹86.50, target ₹89, stop loss ₹85; and

3] National Fertilizers Limited: Buy at ₹85.38, target ₹90, stop loss ₹84.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.

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