Stocks to Buy Under ₹100: Mehul Kothari of Anand Rathi recommend 3 stocks to buy

The Indian stock market has been on a bullish trajectory, with major indices scaling new highs. Following a strong global market sentiment, the domestic market extended its winning streak on Thursday, marking the fourth consecutive session of gains. The Nifty 50 ended at 23,851 with a robust gain of 414 points, while the Sensex surged 1,508 points to close at 78,553. The Bank Nifty also followed suit, advancing 1,172 points to settle at 54,290.

This week’s gains were the highest since February 2021, with Nifty posting a 4.48% weekly rise in a holiday-shortened trading week. Sectors across the board showed positive momentum, led by banks, financial services, public sector undertakings, and pharmaceutical stocks.

Market Outlook by Mehul Kothari – Anand Rathi

Technical expert Mehul Kothari, Deputy Vice President at Anand Rathi, shared an optimistic outlook for the Indian stock market. According to him, the broader market continues to exhibit strength and remains in a bullish phase. He anticipates that the Nifty 50 could potentially hit new milestones around the 24,200 to 24,600 levels in the near term.

He pointed out that Nifty has made a notable recovery after touching the 38.2% Fibonacci retracement level, calculated from the rally beginning in June 2022 to the peak in September 2024. This critical level also aligned with the 100-week exponential moving average (EMA), reinforcing its significance. A “double bottom” formation is visible on the weekly charts, signaling the possibility of continued upward movement.

However, Kothari issued a word of caution regarding the Bank Nifty. Despite its strong performance, having crossed major DEMA (Displaced EMA) levels including the 21, 50, 100, and 200, he suggested that the index might be due for some profit-booking, especially as it nears the resistance zone of 54,500–55,000. Key support levels are seen around 54,000 and 53,800.

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3 Stocks Under ₹100 to Watch Right Now

For traders and investors looking to capitalize on affordable opportunities, Mehul Kothari has highlighted three stocks currently trading below ₹100 that show promising technical setups:

1. Yes Bank

• Entry Price: ₹18
• Target: ₹19.80
• Stop Loss: ₹17.10
  Kothari suggests that Yes Bank has room for a short-term rally, supported by favorable technical patterns.

2. National Fertilizers Ltd (NFL)

• Entry Price: ₹85
• Target: ₹89
• Stop Loss: ₹83
  NFL continues to show strength on charts and may see more upside if momentum holds.

3. Trident

• Entry Price: ₹27
• Target: ₹28.50
• Stop Loss: ₹26.20
  Trident is poised for potential upward movement and is a candidate for short-term trading positions.

Final Word

The market momentum remains strong, but traders are advised to stay vigilant, especially at higher levels. While select low-priced stocks offer attractive entry points, proper risk management through defined stop-losses is crucial. As the Nifty inches closer to resistance zones, volatility may increase, making stock-specific strategies more effective.

Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of financeXaditya. We advise investors to check with certified experts before making any investment decisions.