Yes Bank, IDFC First Bank among top 6 stocks to buy under ₹100 for January 6, 2025: Experts

With a volatile week in the stock market due to weak global cues and selling pressure in the US markets, the Indian indices closed on a low note on Friday. Despite these challenges, experts remain optimistic about specific stocks priced under ₹100, identifying six potential winners for investors to consider for Monday, January 6, 2025.

Market Recap

On Friday, the Nifty 50 index fell by 183 points, settling above the critical 24,000 mark at 24,043. The BSE Sensex dropped 773 points to close at 79,170. The Nifty Bank index saw a decline of 632 points, finishing at 50,972. While IT, Pharmaceuticals, and Banking stocks experienced selling pressure, sectors like Media, Oil & Gas, and Consumer Durables showed gains.

The broader markets, including the Nifty Midcap and Smallcap 100 indices, performed relatively better, declining by only 0.3% and 0.24%, respectively. The advance-decline ratio remained positive for the fourth consecutive session, standing at 1.13, signaling sustained investor confidence in specific segments.

Expert Outlook

Nifty 50 Analysis

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, noted, "The near-term uptrend for Nifty remains intact. A decisive move above 24,226 could trigger fresh buying, driving the index to 24,400–24,500 levels. Key support lies between 23,930 and 23,840."

Nifty Bank Analysis

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, highlighted, "The Bank Nifty index formed a bearish daily candle, indicating profit booking. However, it remains above the 200-day EMA at 50,500. Consolidation is expected between 50,500 and 52,000, with any breakout dictating its next move."

Market Trends

Siddhartha Khemka, Head of Research at Motilal Oswal, shared insights on global factors, stating, "The US manufacturing PMI declined to 49.4 in December due to reduced new orders and rising input costs. However, the US labor market's resilience limits the possibility of aggressive Federal Reserve rate cuts, which may influence Indian market sentiment."

Stocks to Watch Under ₹100

Sugandha Sachdeva's Picks (SS WealthStreet)

Yes Bank

Buy Range: ₹19.40–₹19.60

Target: ₹21.20

Stop Loss: ₹18.70

Aartech Solonics

Buy Range: ₹88.50 (on dips)

Target: ₹94

Stop Loss: ₹86.40

Mahesh M Ojha's Picks (Hensex Securities)

IDFC First Bank

Buy Range: ₹64–₹65.50

Targets: ₹68, ₹72, ₹75, ₹78

Stop Loss: ₹62

Bank of Maharashtra

Buy Range: ₹54–₹55

Targets: ₹58.50, ₹62, ₹65, ₹68

Stop Loss: ₹52

Anshul Jain's Picks (Lakshmishree Investment and Securities)

Manaksia Steels

Buy Price: ₹62.40

Target: ₹65

Stop Loss: ₹60 (closing basis)

AMD Industries

Buy Price: ₹66.50

Target: ₹70.50

Stop Loss: ₹64.50

These stock recommendations provide an exciting opportunity for investors looking to maximize gains from affordable equities. While market experts highlight promising trends, investors are advised to exercise caution and consult certified financial advisors before making investment decisions.