Top Stocks Under ₹200: Mehul Kothari of Anand Rathi Recommends Three Investment Picks
Market expert Mehul Kothari shares his top three investment ideas for November amid market consolidation; expects limited upside in Bank Nifty and advises caution at higher levels.
Mumbai, Oct 01 : The Indian stock market witnessed mild selling pressure on Friday but still wrapped up October with its best monthly gains in seven months. A strong corporate earnings recovery, easing valuation concerns, and renewed foreign investor interest helped bolster market sentiment despite recent volatility.
The NSE Nifty declined 0.6% to 25,722.1, and the BSE Sensex fell 0.55% to 83,938.71, dragged down by bank stocks. However, both indices gained around 4.5% for the month, remaining just 2% below their all-time highs touched in September 2024. All 16 major sectors closed October in the green, while small-cap and mid-cap indices rose 4.7% and 5.8%, respectively.
Market Outlook
Mehul Kothari, Deputy Vice President Technical Research at Anand Rathi, said last week’s range-bound trade suggested market indecision and a potential pause after the recent rally.
“The Nifty traded within a narrow range of 26,100–25,700, showing signs of short-term exhaustion. A double-top pattern has emerged near 26,100, hinting at resistance, while the hourly MACD indicates weakening momentum and possible short-term pullback,” Kothari noted.
On Bank Nifty, he highlighted a consolidation phase between 57,600 and 58,500. “A double top near 58,500 signals resistance, while 57,500 is immediate support. A breakout above 58,500 could lead to further upside, but a fall below 57,500 may trigger mild profit booking,” he explained. Kothari maintained a neutral to cautious stance, suggesting traders avoid fresh long positions at higher levels and wait for dips before buying.
Mehul Kothari’s Stock Recommendations
Amid the current setup, Kothari recommended the following three stocks to buy under ₹200 for short-term investors:
Union Bank — Buy at ₹149 | Target ₹160 | Stop Loss ₹143
Gujarat Pipavav Port — Buy at ₹166 | Target ₹178 | Stop Loss ₹159
Tata Steel — Buy at ₹182 | Target ₹193 | Stop Loss ₹176
Disclaimer
This article is for informational purposes only. The views expressed are those of the analyst quoted and do not constitute investment advice. Investors are advised to consult certified financial experts before making market decisions, as conditions may change rapidly.
