Stocks to buy under ₹100: The Indian stock market has been witnessing healthy buying interest over the last few weeks, largely due to expectations of an India-US trade deal, stable Q2 earnings, and modest buying by foreign institutional investors (FIIs) amid a fall in the US dollar and US Fed rate cut expectations.
The Nifty 50 extended its gains to its third consecutive week last Friday. The index is up 4.5 per cent in October so far after a nearly 1 per cent gain in September.
Stocks such as Nestle, Asian Paints, and Mahindra and Mahindra rose more than 5 per cent during the last week. However, shares of Infosys, Wipro, and TCS lost 2-5 per cent during the week.
Stock market next week
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market is inching closer to 26,000 and 26,300 levels.
“The Indian stock market mood has turned positive as the Nifty 50 index has decisively broken above the 25,500 hurdle. The 50-stock index has further extended its gains and closed above 25,700, signalling that the key benchmark index is heading towards the 26,000 and 26,300 levels, respectively,” Bagadia noted.
“One should look at those stocks that are looking strong on the technical chart pattern,” Bagadia said.
Stocks to buy
Sumeet Bagadia has recommended three stocks – Vineet Laboratories, SAL Steel, and Mirza International- to buy on Monday, October 20.
Buy Vineet Laboratories in cash at ₹41.18 | Target price: ₹44.5 | Stop loss: ₹39.6
Buy SAL Steel in cash at ₹30.8 | Target price: ₹33.3 | Stop loss: ₹29.7
Buy Mirza International in cash at ₹39.43 | Target price: ₹42.5 | Stop loss: ₹37.9
Read all market-related news here
Read more stories by Nishant Kumar
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.