Stocks to buy under ₹200: The Indian stock market witnessed a sharp and volatile decline in the week ending March 13, 2026, largely due to escalating geopolitical tensions in West Asia (US–Iran war), a surge in crude oil prices, continued FII outflows, and a weakening rupee hitting record lows. Benchmark indices Sensex and Nifty 50 recorded significant weekly losses, with Nifty falling around 4–5% to close near 23,150–23,200, while the Sensex dropped about 1,470 points (-1.93%) to around 74,564 after a particularly brutal Friday session.
The broader markets underperformed, with midcap and smallcap indices declining by nearly 2.5–3%, while sectors like Auto, Metals, PSU Banks, and Private Banks were among the worst hit amid rising oil prices and risk-off sentiment. Market volatility surged, with India VIX spiking sharply, making it one of the most turbulent weeks in recent times for Indian equities.
Outlook for the Indian stock market
Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, believes that despite the recent stock market crash, the broader market structure remains intact, suggesting the current move could be part of a corrective phase rather than a structural breakdown.
Speaking on the outlook for the Nifty 50 index, Mehul Kothari of Anand Rathi said the index is approaching the gap zone near 22,900, which formed in April 2025 during the earlier phase of the rally. Interestingly, the index has now retraced nearly 61.8% of the entire rally from the low of 21,743 to the recent high of 26,373, bringing it close to an important technical support area.
Despite the recent sharp decline, the broader market structure remains intact, suggesting the current move could be part of a corrective phase rather than a structural breakdown.
— Mehul Kothari, Deputy Vice President at Anand Rathi
“A decisive move below 22,900 could open the doors for the 22,800 – 21,800 zone, which may remain volatile and confusing for traders due to the absence of strong intermediate supports. On the upside, the immediate hurdle stands near 23,500, which also coincides with Friday’s high, and a sustained move above this level would be required for the index to regain short-term stability,” Mehul Kothari said.
Advising investors to remain cautious amid developments around the US-Iran war, Mehul Kothar of Anand Rathi said traders should avoid aggressive new positions and focus more on risk management and hedging existing exposure. A sustained move above 23,500 may help restore confidence, while holding above the 22,900 support zone would be crucial for maintaining the broader structure.
On the outlook of the Bank Nifty index, the Anand Rathi expert said, “We had been maintaining a cautious stance on Bank Nifty, primarily due to the rising trendline resistance visible on the longer-term charts.”
Kothari said that 53,500 remains a crucial level to watch. A decisive move below this level could open the room towards the 52,000 zone, as there are limited immediate supports in between. On the upside, a recovery above 54,700 would be important for Bank Nifty to regain short-term strength and stabilise after the recent sharp correction.
Mehul Kothari’s stock recommendations today
Regarding short-term stock picks, Mehul Kothari of Anand Rathi recommended these three shares: Shree Renuka Sugars, Suzlon Energy, and Adani Power.
1] Shree Renuka Sugars: Buy at ₹24, Target ₹27, Stop Loss ₹22.50;
2] Suzlon Energy: Buy at ₹41 to ₹40, Target ₹46, Stop Loss ₹38; and
3] Adani Power: Buy at ₹145, Target ₹160, Stop Loss ₹137.50.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
