Stocks to buy under ₹200: The domestic equity benchmark indices, Sensex and Nifty 50, ended lower for the second consecutive session on Friday, as conflict in the Middle East between Israel and Iran spooked investors.
The Sensex declined 573.38 points, or 0.70%, to close at 81,118.60, while the Nifty 50 closed 169.60 points, or 0.68%, lower at 24,718.60. Bank Nifty index dropped 555.20 points, or 0.99%, to end at 55,527.35.
For the week, the Sensex fell 1.30%, Nifty 50 declined 1.13%, and the Bank Nifty slipped 1.86%.
Stock Market Outlook
Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, noted that the Nifty 50 witnessed a sharp decline of nearly 600 points from the recent high of 25,200 in the final two sessions of the week, triggered by profit booking at higher levels, coupled with rising geopolitical tensions following the escalation of conflict between Israel and Iran.
“As anticipated, Nifty 50 faced resistance right around the 161.8% Golden Ratio extension near the 25,200 mark and witnessed a sharp reversal. While the profit booking we had been expecting has kicked in, the next leg of the fall is yet to be confirmed. A decisive break below 24,450 — the previous swing low — would open the gates for a slide towards 24,000 and lower. Alternatively, the index may attempt another relief bounce, which should still be used as an opportunity to book profits rather than chase the rally,” Kothari said.
The broader markets too remain overheated, and a healthy correction looks warranted. In line with this setup, Kothari advises traders to maintain a cautious stance, stay light on aggressive longs, and consider reducing exposure near resistance zones unless momentum revives convincingly.
Bank Nifty followed up its recent rally by hitting a new life high near 57,000, but the move was short-lived as the index sharply reversed, tumbling close to the 55,000 mark. For the week, it ended with a loss of nearly 2%.
“From here, a decisive close below 55,000 could trigger further profit booking, potentially dragging the Bank Nifty index towards 54,300 and lower. On the flip side, a sustained move above 57,000 will be essential for any fresh bullish momentum to resume. Until then, the index is likely to remain volatile within this broad range,” Kothari added.
Mehul Kothari’s stock recommendations
Regarding stocks to buy under ₹200, Mehul Kothari of Anand Rathi recommended buying these three buy or sell stocks: Tata Steel, GMR Airports and IDFC First Bank shares.
1] Tata Steel: Buy at ₹152; Target Price: ₹164; Stop Loss: ₹146
2] GMR Airports: Buy at ₹81; Target Price: ₹88; Stop Loss: ₹77
3] IDFC First Bank: Buy at ₹70; Target Price: ₹78; Stop Loss: ₹66
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.
