Small-cap stocks to buy under ₹100: Experts recommend six shares to buy on Monday — 30 December 2024

Small-cap stocks to buy 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 the 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 outlook

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 on the weekly chart, it 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.”

Stocks to buy under ₹100

Asked about the small-cap stocks to buy under ₹100, stock market experts — Sugandha Sachdeva, Founder of SS WealthStreet, Mahesh M Ojha, AVP — Research at Hensex Securities and Anshul Jain, Head of Research at Lakshmishree Investment and Services — recommended buying these six shares on Monday: NHPC, Infibeam Avenues, Cupid, NACL Industries, MMTC, and Meghmani Organics.

Sugandha Sachdeva’s stocks to buy

1] NHPC: Buy at ₹80, target ₹84.50, stop loss ₹78; and

2] Infibeam Avenues: Buy at ₹26, target ₹28.40, stop loss ₹24.60.

Mahesh M Ojha’s shares to buy

3] MMTC: Buy at ₹72 to ₹73, targets ₹77, ₹82, ₹85 and ₹88, stop loss ₹68; and

4] Meghmani Organics: Buy at ₹76 to ₹77.50, targets ₹82, ₹85, ₹88, and ₹92; stop loss ₹74.

Anshul Jain’s stocks to buy under ₹100

5] Cupid: Buy at ₹77.50, target ₹83.50, stop loss ₹74.50; and

6] NACL Industries: Buy at ₹65, target ₹70, stop loss ₹63.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.