Stocks to buy under ₹200: The Indian stock market ended the week on a mildly positive yet volatile note, with the Nifty 50 index gaining around 0.77%, from 24,383.60 on July 31 to close at 24,570.65, while the Sensex rose around 0.52%, from 78,094.64 to 78,499.17. The week began on a strong note, with Monday witnessing broad-based gains led by IT, banking and other key sectors. However, the momentum faded thereafter as the indices remained largely range-bound amid divergence following the introduction of the Closing Auction Session.
Rising crude oil prices, coupled with uncertainties surrounding the Strait of Hormuz and US-Iran tensions, also kept sentiment cautious. The week ended on a weaker note, with the Nifty and Sensex declining 0.27% and 0.58%, respectively, on Friday, led by selling in financial stocks, particularly Bajaj Finance and related names, following the RBI’s draft lending norms. Despite the weakness in frontline indices, mid- and small-cap stocks continued to outperform, while IT and auto stocks provided some support.
Stock market outlook
Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, believes the broader market structure remains strongly constructive. As highlighted in our previous report, the index witnessed a decisive breakout above the 24,500 mark and subsequently moved towards 24,750 before entering a phase of consolidation. While the index has remained range-bound over the past few sessions, traction in individual stocks has been exceptionally strong, indicating that the underlying market trend remains healthy.
“We believe the ongoing consolidation is merely a breather after the recent upmove rather than a sign of weakness. Going forward, a sustained move above 24,750 is likely to trigger the next leg of the rally and take the NIFTY towards 25,000 and higher levels in the coming week. On the downside, 24,300–24,100 is expected to act as the key support zone, and any dip towards these levels should continue to be viewed as a buying opportunity. We maintain our bullish stance and remain positive as long as the 24,300–24,100 support zone holds,” said Mehul Kothari of Anand Rathi.
Nifty Bank continues to hold above its 20-DEMA, indicating the prevailing short-term trend remains firmly constructive despite intermittent profit-booking. The RSI at 56.31 reflects improving momentum, suggesting that buying interest continues to emerge on declines. Technically, the 58,000 strike has evolved into a key equilibrium zone for both buyers and sellers, making it the most critical level for the index. A sustained move beyond this level is likely to determine the next directional trend. Immediate support is placed at 57,700–57,500, while 58,000–58,250 remains the key resistance band. As long as the support zone holds, buy-on-dips is likely to remain the preferred strategy, with a breakout above 58,250 opening the door towards 58,730–59,000.
Mehul Kothari’s stock recommendations
Regarding stocks to buy on Monday, Mehul Kothari of Anand Rathi recommended buying these three shares: ZEEL, GMR Airports, and NCC.
1] ZEEL: Buy above ₹96, Target ₹104, Stop Loss ₹92;
2] GMR Airports: Buy above ₹108, Target ₹118, Stop Loss ₹103;
3] NCC: Buy at ₹145, Target ₹165, Stop Loss ₹135.
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.
