Intraday stocks for today below ₹100: Experts recommend three shares to buy today — Dec 6

Intraday stocks for today under ₹100: The Indian stock market ended higher for the fifth straight session on Wednesday. Extending the bounceback from the close of 200-DEMA for the fifth day in a row, the Nifty 50 index finished 229 points higher at 24,696. The BSE Sensex finished 809 points north at 81,765, while the Nifty Bank index ended 341 points higher at 53,608. The frontline indices outperformed the broad market indices. The Small-cap index went up 0.16 per cent, while the Mid-cap index went up 0.27 per cent.

Stock market today

Speaking on the outlook of the Indian stock market today, Sugandha Sachdeva, Founder of SS WealthStreet, said, “The Nifty 50 index extended its rally in the previous session, decisively breaking through the 24,550–24,570 resistance zone. On expected lines, the index surged past the 24,750 mark, establishing a short-term base at 24,280–24,350 zone. The rally was led by IT stocks, mirroring gains in US tech stocks, while financials also advanced amid expectations of monetary easing from the RBI.”

The SS WealthStreet expert said that overall bias remains positive, as indicated by the formation of a lower shadow candlestick pattern on the daily charts, suggesting buying interest at lower levels. Additionally, the RSI momentum indicator has gradually strengthened, recovering from oversold territory. FIIs continued their buying streak, purchasing equities worth ₹8,539.91 crore in the previous session, reflecting renewed interest in Indian markets.

Asked about the outlook for Nifty today, Sugandha Sachdeva said, “From a technical perspective, the Nifty 50 index is trading comfortably above its 100 and 200 DEMA, reinforcing its upward trajectory. We anticipate that Nifty will test for the 25,000 mark soon. However, after a sharp rally of nearly 1,600 points from its November lows of 23,263 mark, some profit booking at higher levels cannot be ruled out,” adding, “For today’s session, high volatility is expected as the market keenly awaits the outcome of the RBI policy meeting and its stance on potential easing measures. Key support levels are seen at 24,500 and further down at 24,280.”

Intraday stocks for today

Regarding intraday stocks to buy today, stock market experts — Sugandha Sachdeva of SS WealthStreet and Mahesh M Ojha, AVP — Research at Hensex Securities — recommended buying these three shares: Motherson Sumi Wiring India, Paramount Communications, and MMTC.

Sugandha Sachdeva’s stocks to buy today

1] Motherson Sumi Wiring India: Buy at ₹63, target ₹66.50, stop loss ₹60.80; and

2] Paramount Communications: Buy at ₹72, target ₹75.50, stop loss ₹69.70.

However, Mahesh M Ojha of Hensex Securities believes that one with a short-term view can buy Paramount Communications shares in the ₹72 to ₹74 range for the targets of ₹78, ₹82, Ts 85, and ₹90, maintaining the stop loss at ₹68.

Mahesh M Ojha’s share to buy today

3] MMTC: Buy at ₹80.20, target ₹83, ₹85, ₹88 and ₹94, stop loss ₹77.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.