Top 3 stocks to buy under ₹200: IDBI Bank, IGL, CESC by Mehul Kothari of Anand Rathi | Target, stop-loss, market view
Banking, FMCG, Realty, and IT stocks led the recovery, while select earnings also supported sentiment. However, mid- and small-cap participation remained mixed, with crude oil prices remaining a key concern.
Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, believes that Friday's session witnessed significant selling pressure in individual stocks, with the Smallcap 100 declining nearly 2%, the Midcap index falling around 1%, and other broader market indices, including Midcap 500, also ending in the red. Most of these indices are struggling around their respective major resistance zones, indicating a lack of broader market participation. Nifty, too, is yet to decisively clear the crucial 23,200 hurdle.
“For a sustainable, faster and more reliable upside, we need Nifty to move above 23,200 along with a corresponding breakout in the broader market indices. After an extended period of weak market sentiment, a simultaneous improvement across the benchmark and broader markets is essential to revive confidence. On the downside, 22,600 remains the immediate support for the coming week, followed by 22,400,” Mehul Kothari of Anand Rathi said.
On the outlook for the Bank Nifty index, the Anand Rathi expert said the key benchmark index underperformed the broader index during the week, gaining just around 0.75%. The index recorded a low near 53,600 and attempted to move above the 55,000 mark but failed to sustain above it, eventually closing the week around 54,700.
“We reiterate our view that 53,000 remains a crucial support zone for Bank Nifty, and any decisive break below this level could signal significant weakness in the banking space. On the upside, the index needs to move above its previous swing high of 56,000 to gain meaningful strength and revive bullish momentum,” said Mehul Kothari of Anand Rathi.
The technical research analyst at Anand Rathi said the Bank Nifty continues to oscillate within the broad 53,000–56,000 range. Until either of these crucial levels is decisively breached, it would be difficult to expect any meaningful directional momentum in the index.
On stock picks under ₹200, Mehul Kothari of Anand Rathi recommended these three shares: IDBI Bank, IGL, and CESC.
1] IDBI Bank: Buy at ₹80 | Target ₹85 | Stop Loss ₹78;
2] IGL: Buy at ₹139 | Target ₹145 | Stop Loss ₹135; and
3] CESC: Buy at ₹125 | Target ₹132 | Stop Loss ₹121.
Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records. <br><br> While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat. <br><br> Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities. <br><br> Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91).
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