Intraday stocks for today under ₹100: Experts recommend four shares to buy or sell on Thursday — 19 December 2024 | Stock Market News
Intraday stocks for today under ₹100: Following weak global cues ahead of the US Fed meeting outcome, the Indian stock market ended lower for the third straight session on Wednesday. The Nifty 50 index went off 122 points and closed at the 24,213 mark, the BSE Sensex shed 446 points and finished at 80,237, while the Nifty Bank index crashed 639 points and ended at 52,195. NSE cash market volumes were lower by 3% as compared to Tuesday. The Nifty Mid-cap 100 and the Small-cap 100 index continued their southward journey for the second day, falling by 0.64% and 0.87%, respectively.
Stock market today
Speaking on the outlook for the Indian stock market today, Sugandha Sachdeva, Founder of SS WealthStreet, said, “The Nifty 50 index extended its losing streak for the third consecutive session, pressured by concerns over a potential slowdown in the pace of monetary easing by the US Federal Reserve and renewed selling by FIIs. The index has now slipped below its 100 DEMA and breached the crucial support of the 24,280 mark, signalling further weakness in the near term.”
Pointing towards the possible impact of the US Fed meeting outcome on the Indian stock market, Sugandha Sachdeva said, “In one of the most anticipated market-moving events before the year ends, the US central bank cut interest rates by 25 basis points to a range of 4.25%–4.5%, in line with expectations. However, the Fed’s commentary pointed to a shallower rate-cut trajectory, as inflation is projected to reach the 2% target later than previously estimated.”
Expecting more downside in the Indian stock market, Sugandha Sachdeva said, “Amidst weak global cues, Nifty is likely to face further pressure during the day, with key support now at the 23,900-23880 zone, which aligns with a monthly support zone. Immediate resistance is seen at the 24,380 mark. While caution still prevails, market participants are now turning their attention to the Bank of England’s interest rate decision and the upcoming US Personal Consumption Expenditure data for further direction,” addi9ng, “That said, the headline index is expected to attract buying interest around the 23,900 level, which could serve as a potential inflexion point for recovery if global sentiment improves. Investors are advised to tread cautiously and monitor key global and domestic triggers before making significant moves.”
Intraday stocks for today
Regarding intraday stocks to buy or sell, stock market experts Sugandha Sachdeva of SS WealthStreet and Anshul Jain, Head of Research at Lakshmishree Investment and Securities, recommended buying these four stocks on Thursday: NHPC, Reliance Power, Morepen Laboratories, and Sutlej Textiles.
Sugandha Sachdeva’s stocks to buy or sell
1] NHPC: Sell at ₹84, target ₹80, stop loss ₹85.80; and
2] Reliance Power: Sell at ₹45.50, target ₹42, stop loss ₹47.
Anshul Jain’s stocks to buy today
3] Morepen Laboratories: Buy at ₹84 to ₹85, target ₹120, stop loss ₹75 (closing basis); and
4] Sutlej Textiles And Industries: Buy at ₹74 to ₹75, target ₹100, stop loss ₹69 (Closing basis).
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
