Intraday trading for today under ₹100: Experts recommend three shares to buy today — 30 December 2024

Intraday trading for today under ₹100: The Indian stock market continued to trade sideways throughout the week as the Nifty 50 index failed to break above the 200-DEMA hurdle, which was placed at 23,850. The 50-stock index closed 82 points north at 23,832 on Friday; the BSE Sensex finished 259 points up at 78,732, while the Bank Nifty index ended 162 points higher at 51,333 on the last trade session of the truncated week.

Subdued movement continues in the Mid-cap and Small-cap indices, whereas the Nifty Mid-cap 100 Index fell by 0.26% while the Nifty Small-cap Index gained 0.15%. Declining shares outnumbered the advancing shares for the eighth day on the trot, where the advance-decline ratio stood at 0.96 on BSE. Amongst the sectoral indices, Nifty Pharma, Auto, and Healthcare gained the most, while Nifty Metal, PSU Banks, and OIL/GAS were significant losers.

Stock market today

Speaking on the outlook for the Nifty 50 index, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “The short-term trend of the Nifty 50 index is slightly positive with range-bound action. The market could encounter strong overhead resistance around 24,000 to 24,200 by next week, and any rise up to the hurdles could be a sell-on-rise opportunity. Immediate support for Nifty today is at 23,650.”

On the outlook for the Bank Nifty index, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, said, “Bank Nifty opened positively, showed buying interest in the first half, but later entered consolidation mode, closing marginally higher at 51,311. The index formed a small green candle on the daily chart, and the weekly chart displayed an inside bar candlestick pattern. The 200-Day Simple Moving Average (200-DSMA) is currently placed around 50,580, which will serve as strong support, while the 100-Day Exponential Moving Average (100-DEMA) at 51,630 acts as resistance. In the short term, Bank Nifty is expected to trade within the 50,550–51,650 range, with a breakout in either direction determining its future trajectory.”

Asked about the outlook of the Indian stock market, Siddhartha Khemka, Head of Research—Wealth Management at Motilal Oswal, said, “With no significant triggers in the near term, markets are likely to remain range-bound. Pre-quarterly business updates to be released in the first week of Jan ’25 will provide insights into the upcoming result season and will be keenly tracked by the markets.”

Intraday stocks for today under ₹100

When asked about intraday stocks to buy under ₹100, stock market experts Mahesh M Ojha, AVP—Research at Hensex Securities, and Anshul Jain, Head of Research at Lakshmishree Investment and Services, recommended buying Grauer And Weil, Niraj Cement, and Paramount Communications.

Mahesh M Ojha’s stocks to buy today

1] Grauer And Weil: Buy at ₹98 to ₹99, targets ₹103, ₹105, ₹110, and ₹115, stop loss ₹95.

Anshul Jain’s intraday stocks for today

2] Niraj Cement: Buy at ₹69.5, target ₹75, stop loss ₹67.50 (Closing Basis); and

3] Paramount Communications: Buy at ₹81, target ₹89, stop loss ₹78 (Closing Basis).

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.