Three Stocks Under ₹100 Recommended for Potential Investment

Indian Stock Market Sees Two-Session Gaining Streak End on Friday

The benchmark indices Sensex and Nifty 50 ended their two-session gaining streak on Friday, May 15, as investors booked profits amid subdued global signals, a steep rise in crude oil prices, and the rupee slipping to a fresh record low against the US dollar.

The Sensex declined 161 points, or 0.21%, to close at 75,237.99, while the Nifty 50 dropped 46 points, or 0.19%, to settle at 23,643.50. The decline in the Nifty 50 was significant, with the index registering a decline of 46.10 points or 0.19% over the previous close.

Nifty 50 Sees Selling Pressure Amid Weak Momentum

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On Friday, the Nifty 50 opened with a gap-up at 23,731.40, indicating a positive start to the session. However, selling pressure emerged from higher levels, dragging the index lower towards an intraday low of 23,610.30 in the second half. The index eventually settled at 23,643.50. According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a bearish candlestick pattern indicates profit booking at higher levels and cautious sentiment among market participants.

Technical Analysis Suggests Weak Momentum and Lack of Bullish Conviction

From a technical perspective, immediate support is placed in the 23,450–23,500 range, while resistance is observed between 23,850 and 23,900 levels. The Relative Strength Index (RSI) stands at 45.13, indicating weak momentum and lack of strong bullish conviction. The volatility index, India VIX, increased by 0.95% to close at 18.79, suggesting a slight rise in market uncertainty.

Bank Nifty Sees Sustained Selling Pressure

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The Bank Nifty index opened with a gap-up at 54,207.75 and registered its intraday high of 54,325.45 during the first half of the session. However, sustained selling pressure emerged, dragging the index lower towards an intraday low of 53,628.30 in the second half. The index eventually closed near its day’s low at 53,710.35, declining by 418.60 points or 0.77% for the day.

Technical Analysis Suggests Weakening Momentum and Cautious Undertone

From a technical standpoint, immediate support is placed in the 53,000–53,100 range, while resistance is seen in the 54,400–54,500 zone. The Relative Strength Index (RSI) stands at 41.60, indicating weakening momentum and a cautious undertone in the banking index.

Stock Recommendations

Sumeet Bagadia has recommended three stocks to buy on Monday, April 18. The three stock picks by Bagadia are:

Bagadia advised to remain selective and monitor key support zones closely, as sustained weakness below these levels could trigger further downside pressure in the near term.