Stocks to buy under ₹200: Despite showcasing resilience against the India-Pakistan war buzz, the Indian stock market witnessed sell-off pressure on the last two sessions last week. After going off on Thursday, key benchmark indices of Dalal Street came under sharp selling pressure on Friday. The Nifty 50 crashed 265 points, or 1.1%, to close slightly above the 24,000 mark at 24,008. The BSE Sensex tumbled 880 points, or 1.10%, marking its steepest intraday fall since April 7, to settle at 79,454. India VIX spiked during the week and scaled up to 22, reflecting heightened fear in the market.
Stock market next week
Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, believes the Indian stock market bias is cautious due to the escalation in India-Pakistan tension. Mehul Kothari of Anand Rathi said the Nifty 50 index has immediate support at 23,800, and a breach below this level would mean the 50-stock index would try to test 23,500 levels.
Speaking on the outlook of the Nifty 50 index, Mehul Kothari of Anand Rathi said, “Fall in the Nifty 50 index was well anticipated, as the negative divergence in RSI had already hinted at a possible correction. While the decline wasn’t a surprise, its geopolitical trigger is certainly concerning. For the coming week, 23,800—last week’s low—is crucial support. A breach below this could drag the index towards 23,500, which coincides with the 200 DEMA. A bearish engulfing pattern has emerged on the weekly chart, signalling further downside unless NIFTY decisively moves above 24,500. Traders are advised to stay cautious, reduce aggressive longs, and consider hedging strategies or wait for a clearer signal near key levels.”
“The Bank Nifty index underperformed significantly, slipping below the 54,000 mark and ending the week with a loss of over 2%. It is currently hovering near the 53,500 level, which coincides with the 38.2% Fibonacci retracement of the previous rally. A decisive breach of this support may open doors for further downside towards 52,600 and 51,800—marking the 50% and 61.8% retracement levels respectively,” Mehul Kothari said.
“On the upside, the index would need to reclaim the 55,000 level to signal any short-term relief and move back into safer territory,” the Anand Rathi expert added.
Mehul Kothari’s stock recommendations
Regarding stocks to buy on Monday, Mehul Kothari of Anand Rathi recommended these three buy or sell stocks: PNB, NBCC, and ZEEL.
1] PNB: Buy near ₹91, Target ₹97, Stop Loss ₹88;
2] NBCC: Buy near ₹91.50, Target ₹100, Stop Loss ₹87; and
3] ZEEL: Buy near ₹115, Target ₹125, Stop Loss ₹108.80.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
