Stocks to buy under ₹200: The key benchmark indices of the Indian stock market ended with marginal gains in a highly volatile session on Friday. The Nifty 50 index added 12 points and closed at 24,346, the BSE Sensex finished 259 points higher at 80,501, while the Bank Nifty index ended 28 points higher at 55,115. Among sectoral performers, media, energy, IT, and oil & gas posted gains of 0.3% to 0.7%. On the other hand, power, metal, telecom, pharma, realty, and consumer durables sectors saw losses ranging from 0.5 to 2%.
Stock market outlook
Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, believes the Indian stock market faces resistance in the 24,600 to 24,800 zone. Mehul Kothari of Anand Rathi expects some meaningful correction after a stellar show in April 2025.
Speaking on the outlook of the Nifty 50 index, Mehul Kothari said, “The Nifty 50 index has rallied nearly 2,800 points from the recent lows of 21,750, without any meaningful correction. On the daily chart, signs of negative RSI divergence have started to appear, indicating some fatigue at higher levels. The 24,600–24,800 zone also coincides with a previous supply area, and when combined with ongoing geopolitical concerns, a short-term pullback cannot be ruled out.”
“In such a scenario, the 24,000–23,800 zone could once again act as a strong support, where buying may re-emerge. On a broader timeframe, the medium-term structure has turned positive. If momentum is sustained, the Nifty could gradually head towards new all-time highs closer to year-end, though it’s still too early for a definitive projection. For now, traders should remain cautious near resistance levels and look to re-enter long positions on decent dips,” Mehul Kothari of Anand Rathi said.
Asked about the Bank Nifty outlook, Mehul Kothari of Anand Rathi said, “The Bank Nifty index has delivered a phenomenal performance over the past few weeks. Last month, it extended its rally towards the 56,000 mark, ending with gains of around 6%. However, on the monthly chart, we’re beginning to see signs of negative RSI divergence, hinting at a possible slowdown in momentum. Moreover, the Bank Nifty vs Nifty ratio chart suggests that Bank Nifty may underperform relative to the broader index in the near term. A sustained move above 56,000 will be crucial for the next leg of the rally to begin.”
“On the flip side, 54,000 remains a key support, and a breakdown below this level could lead to either a time-wise or price-wise correction in the short term,” he added.
Mehul Kothari’s stock recommendations
Regarding stocks to buy under ₹200, Mehul Kothari of Anand Rathi recommended buying these three buy or sell stocks: MRPL, RCF, and Nykaa.
1] MRPL: Buy at ₹132 to ₹135, Target ₹160, Stop Loss ₹120;
2] RCF: Buy at ₹134 to ₹138, Target ₹158, Stop Loss ₹125; and
3] Nykaa: Buy at ₹188 to ₹193, Target ₹215, Stop Loss ₹178.
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, as market conditions can change rapidly, and circumstances may vary.
