On Wednesday stock market experts have recommended five promising stocks priced under Rs 100 that can potentially deliver good returns. These include Suzlon Energy, Shree Renuka Sugars, Megasoft, Maral Overseas, and Central Bank of India. Below are detailed insights into these picks, including suggested buying levels, target prices, and stop-loss points.

Suzlon Energy

Buy Price: Rs 68
Target: Rs 70.90
Stop Loss: Rs 66.10

According to Mahesh M. Ojha, AVP (Research) at Hensex Securities, Suzlon Energy is a promising buy within the range of Rs 68.50 to Rs 69.50. The stock has shown strong potential with resistance at Rs 71, Rs 74, and Rs 78. Traders are advised to maintain a strict stop-loss at Rs 66.10 to manage risk effectively.

Shree Renuka Sugars

Buy Price: Rs 42
Target: Rs 40
Stop Loss: Rs 43.10

Despite the slight dip in price targets, Shree Renuka Sugars remains a strong pick due to its stability in the current market. Experts recommend buying at Rs 42 and maintaining a cautious stop-loss at Rs 43.10.

Central Bank of India

Buy Price: Rs 56-57
Target: Rs 59, Rs 61, or Rs 64

Central Bank of India has gained attention for its resilience and growth trajectory. Market experts suggest accumulating the stock in the range of Rs 56-57 with a potential upside towards Rs 64 in the medium term.

Megasoft

Buy Price: Rs 76
Target: Rs 100
Stop Loss: Rs 69 (Closing Basis)

Megasoft has been marked as an excellent mid-term opportunity by analysts. It is advisable to maintain a stop-loss at Rs 69 while holding for a potential target of Rs 100.

Maral Overseas

Buy Price: Rs 88
Target: Rs 120
Stop Loss: Rs 80 (Closing Basis)

Maral Overseas is another strong pick under Rs 100. Analysts suggest a buying price of Rs 88, with a target of Rs 120, and a closing basis stop-loss at Rs 80.

Market Overview and Trends

S Sugandha, founder of SS WealthStreet, shared her insights into market trends on Wednesday. She pointed out that the Nifty 50 index has experienced consistent pressure, erasing over half of its gains from the past two weeks due to widespread selling. While media was the only sector closing in green, other indices ended in red.

The Nifty index faces strong resistance at 24,880. However, it managed to hold a key support level of 24,280, which has limited further downside. If the index breaches this level decisively, it could potentially slide further to the 24,000-23,900 range. Conversely, if it sustains above 24,280, a meaningful bounce-back can be expected, with resistance around 24,500.

Sugandha advises traders to exercise caution given the current volatility. Keeping an eye on key support and resistance levels is crucial for navigating market movements effectively.

Cautionary Notes

For traders and investors, it is essential to adhere to stop-loss levels to minimize risks during high market volatility. Experts also stress the importance of diversifying investments and not allocating all capital to a single stock, regardless of its short-term potential.

(Disclaimer: Experts' recommendations, suggestions, views and opinions are their own and not of Delhi Highlights. Investing in the stock market is subject to risks and consult your advisor before investing.)