Stocks to buy under ₹100: For the third week in a row, domestic markets moved within a limited range; however, this week was distinct due to strong activity in broader markets and specific sectors. Although the benchmark NIFTY stayed mostly confined between 24,500 and 25,100, the Nifty Midcap and Smallcap indices showed significant outperformance.
Stock Market Outlook
Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, noted that adding to the momentum, banking indices surged, fuelled by a surprise 50 bps rate cut in Friday’s RBI monetary policy announcement—a move that caught the Street off guard. Eventually, NIFTY managed to end the week above the psychological 25,000 mark, posting gains of around 1%, supported by sectoral resilience and robust participation from the broader market.
“ For the past couple of weeks, we’ve maintained a cautious stance on the markets. However, early this week, the NIFTY 50 formed a notable double bottom pattern on intraday charts above the 24,450 mark, prompting us to reassess our view,” Kothari said.
According to him, we are now entering a critical zone of resistance between 25,100 – 25,300, which coincides with the Golden Ratio retracement levels. This area is likely to witness profit booking, and any further upside could be capped in the near term.
“ We foresee the possibility of a fresh negative divergence in the daily RSI if NIFTY crosses above 25,100. Hence, we continue to advise caution in this zone and stick to our strategy of booking profits here. A decisive close above 25,300 could lead us to revise our stance. On the downside, immediate support lies at 24,700, with a more crucial level at 24,450. A breach below 24,450 would confirm a larger downside than currently anticipated. The coming week will be key—momentum needs follow-through, or else this bounce could quickly fade,” he said.
Meanwhile, speaking on the outlook of Bank Nifty, “ Nifty Bank, on the other hand, had its own script to follow. The index surged nearly 1.5% for the week, driven by the surprise 50 bps rate cut in the RBI policy, and scaled a new all-time high near the 56,700 mark. Looking ahead, we anticipate potential follow-through momentum, which could take the index further towards the 57,000–57,500 zone. On the downside, immediate support is placed at 55,500, which also marks Friday’s low. As long as this level holds, the bulls are likely to stay in control.”
Mehul Kothari’s stock recommendations
Regarding stocks to buy under ₹100, Mehul Kothari of Anand Rathi recommended buying these three buy or sell stocks: Motherson Sumi Wiring India, GMR Airports, and NHPC.
1] Motherson Sumi Wiring India: Buy near ₹60.50; Target Price: ₹64; Stop Loss: ₹58.8
2] GMR Airports: Buy at ₹86; Target Price: ₹90; Stop Loss: ₹84
3] NHPC: Buy at ₹89; Target Price: ₹93; Stop Loss: ₹87
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
