Stocks to buy under ₹100: Mehul Kothari of Anand Rathi recommends three stocks to buy or sell
After a six-day winning streak, the Indian stock market saw a breather on Friday, with both benchmark indices Sensex and Nifty ending lower due to profit booking, concerns over global trade negotiations, and a rise in crude oil prices. The Sensex slipped 344.52 points (0.41%) to close at 84,211.88, while the Nifty 50 fell 96 points (0.37%) to end at 25,795.15. Broader markets too faced mild declines the BSE Midcap index dropped 0.25%, and the BSE Smallcap index was down 0.19%.
Market Overview
According to Mehul Kothari, Deputy Vice President Technical Research at Anand Rathi, the past week was nothing short of a roller-coaster ride for domestic markets. Despite it being a truncated week, volatility and active participation were visible across the benchmark indices.
Speaking on the Nifty 50 outlook, Kothari said that the index initially broke past the crucial 26,000 mark, reaching highs near 26,100. However, the rally was short-lived as profit booking in the final sessions erased most of the gains. Technically, Nifty 50 has confirmed a breakout above 25,600, but since it has already rallied over 1,400 points, a short-term pullback was expected.
Going forward, support zones are seen near 25,600–25,500, with a stronger base around 25,300, which corresponds to the 50% retracement of the recent uptrend. On the upside, 26,100 remains a key resistance, and only a convincing move above this level would confirm bullish control. Kothari also cautioned that the lack of participation from the broader market could limit near-term upside potential.
Bank Nifty Outlook
The Bank Nifty index mirrored similar volatility. After hitting a weekly high of 58,600, it lost over 1,000 points and ended the week almost flat. Kothari pointed out that a reversal candlestick pattern has formed on the weekly chart, signaling possible weakness among bulls. For the index to regain strength, a sustained move above 58,600 is essential. On the downside, immediate support lies between 57,000–56,400, aligning with previous swing lows and key short-term moving averages.
Mehul Kothari’s Stock Recommendations
For investors looking for affordable stocks under ₹100, Kothari has picked three promising names for Monday’s trading session Indian Overseas Bank, Suzlon Energy, and HFCL.
Buy at: ₹76
Stop-loss: ₹73
Target: ₹81
Buy at: ₹53.50
Stop-loss: ₹52
Target: ₹56.50
Buy at: ₹77
Stop-loss: ₹74.50
Target: ₹82
Final Takeaway
As the markets enter a phase of consolidation after a strong rally, investors are advised to tread cautiously. While Nifty 50 and Bank Nifty display signs of temporary fatigue, selective opportunities remain in low-priced, high-potential stocks like IOB, Suzlon, and HFCL.
Disclaimer: The above recommendations are shared by Mehul Kothari of Anand Rathi and represent his personal market views. Investors should consult certified financial advisors before making any investment decisions.
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