Stocks to buy under ₹100: Mehul Kothari of Anand Rathi recommends three shares to buy or sell

Stocks to buy under ₹100: Following a strong global markets bias, the Indian stock market ended higher for the fourth straight session on Thursday. The Nifty 50 index gained 414 points and closed at 23,851, the BSE Sensex surged 1508 points and closed at 78,553, and the Bank Nifty index went up 1172 points and closed at 54,290. In a holiday-truncated week, Nifty was up 4.48%, the highest weekly rise since the week ended 5th Feb 2021. All sectoral indices ended the day in the green, with Nifty Bank, Financial Services, PSU Banks, and Pharma sectors leading the gains.

Stock market next week

Mehul Kothari, Deputy Vice President of Technical Research at Anand Rathi, believes the Indian stock market is in a bull trend, and the Nifty 50 index may soon touch 24,200 and 24,600. However, the Anand Rathi expert said that the Nifty Bank Index has crossed all DEMA levels and is expecting some profit-booking in frontline banking stocks. He suggested buying those stocks that look strong on the technical chart.

Speaking on the outlook of the Nifty 50 index, Mehul Kothari said, "The Nifty 50 index has staged a robust reversal after testing the 38.2% Fibonacci retracement level of the major rally from the June 2022 low to the September 2024 high. This level coincided with the 100-week EMA, adding technical confluence. A double bottom pattern is observed on the weekly chart, with the second low extending to the 1.13% harmonic ratio—a classic "fake breakdown" level that often precedes strong rebounds. This technical structure supports the case for a medium-term bullish trend." He said the 50-stock index is facing a hurdle at 24,200. Reaching above this hurdle decisively may soon open the probability for the next target of 24,600.

On the Nifty Bank index outlook, Mehul Kothari of Anand Rathi said, "The Bank Nifty has shown stronger momentum than Nifty in recent sessions, rallying sharply after breaching the 52,000 mark and moving above 54,200. It trades well above all key DEMA levels — 21, 50, 100, and 200 — which are around 51,141, 50,404, 50,354, and 50,138, respectively. This steep rise suggests overextension, increasing the likelihood of a reversion to the mean through profit booking. Resistance is near 54,500–55,000, while support lies around 54,000 and 53,800. Hence, we remain cautious and do not recommend fresh long positions at elevated levels."

Stocks to buy under ₹100

Regarding shares to buy under ₹100, Mehul Kothari of Anand Rathi recommended these three buy or sell stocks: Yes Bank, NFL, and Trident.

1] Yes Bank: Buy at ₹18, Target ₹19.80, Stop Loss ₹17.10;

2] NFL: Buy at ₹85, Target 89, Stop Loss ₹83; and

3] Trident: Buy at ₹27, Target ₹28.50, Stop Loss ₹26.20.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.