Stocks to buy under ₹200: Finally, there was relief for the bulls for the second consecutive week as the domestic markets traded with optimism once again. The benchmark index, NIFTY 50, managed to sustain above the 25,000 mark and, in fact, rallied around 1.5% to end the week near the 25,300 level. Even the broader markets performed well, with the Midcap and Smallcap indices rallying between 1.4% and 2% during the week. The overall market sentiment improved as buying interest returned across sectors, supported by stable global cues and strong domestic inflows.
Stock market outlook
Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, believes the Indian stock market sentiment has improved on strong buying across sectors. Mehul Kothari of Anand Rathi attributed strong global cues as the major reason for this trend reversal on Dalal Street.
Speaking on the outlook of the Nifty 50 index, Mehul Kothari of Anand Rathi said, “Our bullish view on the Indian stock market remains intact, with the index having respected this outlook so far. The NIFTY is now approaching a very strong hurdle—a critical resistance zone. This zone is marked by a falling trend line near the 25,500 level, which also coincides with the upper end of a triangle pattern. Just above this, the previous swing high sits at 25,650. The real test for the bulls will be the zone of 25,500 – 25,650. A decisive close above this range would serve as confirmation for new highs in the coming weeks. Should the index fail to clear this resistance, further consolidation in the market is likely. On the downside, key support is held within the 25,000 – 24,800 range. Traders are advised to remain optimistic.”
On the outlook of the Bank Nifty index, Mehul Kothari said, “The Bank Nifty index outperformed the benchmark indices, rallying by around 2% during the week. Crucially, it has managed to close above the 56,000 mark. There is a clear breakout in the index, and we expect it to gradually reach a new high above the 57,600 level. On the downside, the key support levels for the index are placed at 56,000 – 55,500.”
Mehul Kothari’s stock recommendations today
Regarding stocks to buy on Monday, Mehul Kothari of Anand Rathi recommended these three buy-or-sell stocks: HFCL, IREDA, and MRPL.
1] HFCL: Buy at ₹76| Stop-loss: 73 | Target: 81;
2] IREDA: Buy at ₹151 | Stop-loss: 146 | Target: 161; and
3] MRPL: Buy at ₹144 | Stop-loss: 138 | Target: 158.
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.
