Sumeet Bagadia, Executive Director at Choice Broking, has recommended three specific stocks under ₹100 for investors to consider buying on Monday, March 16, 2026. These recommendations come as the broader Indian stock market navigated a period of significant selling pressure in the preceding week. Bagadia's picks aim to offer potential opportunities despite prevailing market volatility.[livemint]
Market Sees Bearish Trend Ahead of Monday Trading
The Indian stock market concluded the previous week under notable corrective pressure, reflecting deteriorating global risk sentiment and persistent selling by foreign institutional investors. On Friday, March 13, 2026, benchmark indices experienced substantial declines for the third consecutive session. TheBSE Sensex fell 1,471 points, or 1.93 percent, closing at 74,563.92. Similarly, the Nifty 50 dropped 488 points, marking a 2.06 percent decline, to finish the day at 23,151.10. This widespread selling pressure indicated a clear risk reduction strategy among global funds amid heightened macroeconomic uncertainty.[livemint+3]
Sumeet Bagadia observed that the Nifty 50 continued its bearish momentum for the fourth straight session, opening with a gap-down of nearly 170 points and experiencing intensified selling pressure. Theindex briefly found support around the 23,300 level but failed to sustain it, extending losses to an intraday low of 23,112 before settling. Bagadia highlighted that this price movement demonstrated sustained bearish sentiment and strong selling pressure dominating the market. From a technical perspective, the 23,300–23,350 zone is emerging as immediate resistance, while a solid support base is forming near 23,000–23,050. The India VIX index, a measure of market volatility, climbed 5.24 percent to 22.64, reflecting increased investor uncertainty.[livemint+4]
Domestic institutional investors (DIIs), however, provided strong counterbalancing support, recording net purchases of ₹37,740 crore during the week. This domestic buying interest helped absorb a substantial portion of the foreign selling pressure and prevented the correction from deepening further across the broader market. The Bank Nifty also started the trading session on a weak footing, opening sharply lower with a gap-down of nearly 413 points. It faced continuous selling pressure, pushing the index to an intraday low of 53,675.70, indicating persistent bearish sentiment. The indexeventually settled at 53,757.85, registering a steep decline of 1,343 points, or 2.44 percent, suggesting strong downside momentum and continued risk-off sentiment in the banking sector. Technically, the 54,000–54,100 zone is acting as an immediate resistance for Bank Nifty, while the 53,400–53,500 range serves as a crucial support zone.[livemint+5]
Bagadia's Top Three Stock Picks Under ₹100
Despite the challenging market environment, Bagadia has identified three specific stock opportunities priced below ₹100 for investors to consider for Monday, March 16, 2026. These recommendations include Confidence Petroleum India, IFCI, and Bhansali Engineering Polymers. Each stock comes with specific buy, target, and stop-loss levels.[livemint+1]
For ConfidencePetroleum India, Bagadia recommends a buy at ₹36.54. Investors should aim for a target price of ₹40, while setting a stop loss at ₹35. This recommendation suggests a potential upside while managing downside risk through a predefined exit strategy. The buy price of ₹36.54 falls well within the under ₹100 criteria, making it an accessible option for many investors. The target price of ₹40 indicates a short-term profit potential, provided the stock moves as anticipated. The stop loss at ₹35 is crucial for limiting potential losses if the market moves unfavorably. This disciplined approach is essential in volatile market conditions.[livemint+5]
- IFCI is another stock recommended by Bagadia for purchase. The suggested buy price for IFCI is ₹57.21. The target price for this stock is ₹61.6, with a recommended stop loss at ₹55. IFCI, trading below ₹100, offers a similar risk-reward profile to the other recommendations. The target of ₹61.6 signifies a modest but achievable gain, emphasizing short-term trading strategies. The stop loss at ₹55 provides a protective measure, ensuring that any adverse price movements do not lead to significant capital erosion. Investors are advised to adhere strictly to these levels.
The third stock on Bagadia's list is Bhansali Engineering Polymers. He advises buying this stock at ₹85.6. The target price for Bhansali Engineering Polymers is set at ₹92, and the stop loss is recommended at ₹82.6. This stock, also comfortably under the ₹100 mark,presents another opportunity for investors looking for short-term gains. The target price of ₹92 implies a reasonable upsidefrom the suggested buy level. The stop loss at ₹82.6 is a critical component of thetrading strategy, designed to safeguard investments against unexpected market downturns. Bagadia's recommendations consistently incorporate stop-loss levels to help investors manage their exposure to market risks effectively.[livemint+5]
Navigating Volatile Markets with Disciplined Strategy
Bagadia's broader market outlook suggests that bears would continue to dominate Dalal Street until the Nifty 50 index remains below 23,350. He advises maintaining a selective buy-on-dips strategyfor the Nifty 50, provided the index holds above 25,600, with strict stop-losses placed at 25,500 to manage downside risk. This strategy emphasizes caution and strategic entry points in a fluctuating market. For the Bank Nifty, despite short-term weakness, he recommended maintaining a bullish bias and adopting a buy-on-dips strategy near key support levels, supported by disciplined risk management with appropriate stop-loss placements. This highlights the importance of not being swayed by short-term corrections but rather looking for opportunities at strong support zones.[livemint+3]
Market experts like Bagadia often stress the importance of technical analysis, which involves studying past market data to predict future price movements. The technical indicators for the Nifty 50, such as the Daily Relative Strength Index (RSI) at 38.55 and trending lower, reflect deteriorating momentum. For the Bank Nifty, the Daily RSI at 47.96 also trends lower, suggesting a loss of upward momentum. These indicators provide context for the recommended stop-loss levels, which are designed to protect investors from further downside if the momentum continues to weaken.[scanx+2]
In the derivatives segment, notable put writing at the 23,000 strike and heavy call writing at the 23,400 strike suggest a probable near-term trading range between these levels for the Nifty 50. Traders should remain cautious near support zones and avoid aggressive directional trades until the index decisively breaks above resistance. This advice underscores the need for patience and careful observation before making significant trading decisions in a volatile market. The overall month has been quite unpredictable, with many charts showing strength initially but later slipping. The Bank Nifty, while maintaining its grip for a long time, now appears slightly bearish.[livemint+2]
Investors considering these recommendations should conduct their own due diligence and consult with financial advisors. The volatile market conditions, influenced by global risk sentiment and foreign fund outflows, necessitate a cautious and disciplined approach to trading. Sumeet Bagadia's recommendations provide specific entryand exit points, aiming to guide investors through these challenging market dynamics.[choiceindia+1]
