India’s equity market closed the week negative on Friday. Sumeet Bagadia outlined a sideways technical outlook and highlighted three sub‑₹100 stocks he believes are buying opportunities.
Key Takeaways
- Nifty remains in a sideways bias, 24,200‑24,550 support‑resistance zone
- Bank Nifty also sideways, trading range 57,000‑58,000
- U.Y. Fincorp, Morepen Laboratories, Fineotex Chemical flagged as buy under ₹100
Market Snapshot
Sensex slipped 0.62% to close at 78,009.25, while Nifty fell 0.83% to settle at 24,366. The Mid‑Cap index rose 0.50%, whereas the Small‑Cap index dropped 0.66%. Elevated crude oil prices, renewed geopolitical concerns and mixed global cues dampened investor sentiment.
Technical Outlook
Sumeet Bagadia, Executive Director at Choice Broking, said, “From a technical perspective, Nifty continues to maintain a sideways bias, with the index likely to remain range‑bound until a decisive breakout occurs on either side.” The same sideways bias applies to Bank Nifty, with an expected trading window of 57,000‑58,000.
Why This Matters
BozokMedia analysis shows that in a range‑bound market, leveraging side‑way momentum to pinpoint entry points can enhance returns, especially when target prices are clearly defined.
“Targeting sub‑₹100 stocks with disciplined stop‑losses can maximize upside while keeping risk in check.” – Senior Market Analyst, Indian Economic Review.
Frequently Asked Questions
- Are these stocks still viable for purchase?
Yes, the target levels remain intact, but strict adherence to stop‑loss is essential. - What happens if Nifty breaks out of its sideways range?
A breakout could swiftly set market direction, altering the risk‑return profile for traders.
