Stocks to buy under ₹200: The ended lower for the fourth consecutive week, with the Sensex declining nearly 1% and the Nifty falling around 1.15%, weighed down by rising crude prices, higher bond yields and renewed Fed rate-hike concerns. Brent crude surged nearly 7% amid US-Iran tensions, adding to market worries.
On Friday, however, the benchmarks snapped a four-day losing streak as easing rate concerns and improved global cues triggered a modest recovery, with the Sensex rising 362.57 points (0.48%) to 76,515.43 and the Nifty gaining 24.25 points (0.10%) to 23,897.70. Metals and financials led the rebound, although profit-booking and weakness in autos capped the upside.
Stock market prediction
Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, believes the Indian stock market bias looks weak on the technical chart pattern. It would improve once the index decisively comes above 24,000.
Speaking on the outlook for the Nifty 50 index, Mehul Kothari of Anand Rathi said, “We believe a sustained move back above 24,000 is crucial to reinforce the bullish setup and revive upward momentum. Above 24,000, 24,350 remains the immediate hurdle, and a sustained breakout above this level could significantly strengthen the bullish momentum, with “no looking back” thereafter.”
On the outlook for the Bank Nifty index, Mehul Kothari said, the key benchmark index continues to consolidate within a symmetrical triangle formation, indicating a phase of contraction before the next directional move. The index is currently holding above the lower end of the pattern, keeping the overall structure positive.
“A decisive breakout above 58,200 would confirm an upside breakout from the triangle and could trigger fresh momentum. On the downside, a break below 57,000 would negate the positive setup and signal further weakness. For now, we maintain a bullish bias and recommend a buy-on-dips approach as long as NIFTY Bank sustains above 57,000,” said Mehul Kothari of Anand Rathi.
Mehul Kothari’s stock recommendations
Regarding , Anand Rathi expert recommended buying these three shares: Tata Steel, UCO Bank, and Sagility.
1] Tata Steel: Buy at ₹189 | Targets ₹196, ₹201 | Stop Loss ₹183;
2] UCO Bank: Buy at ₹24.50 | Target ₹26 | Stop Loss ₹22; and
3] Sagility: Buy at ₹46.50 | Target ₹54 | Stop Loss ₹42.
Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.