Indian Stocks Under ₹200: Anand Rathi's Mehul Kothari Shares Buying and Selling Recommendations

Stock Market Volatility: Experts Weigh in on Nifty 50 and Bank Nifty

The Indian stock markets experienced a volatile week ending April 24, 2026, with the Nifty 50 declining by approximately 2%. This decline was largely in line with expectations, amid escalating tensions in the US-Iran war, rising crude oil prices above $100 per barrel, and the start of the Q4 earnings season.

The week began on a firm note, supported by positive global cues and hopes of diplomatic progress, pushing the Nifty above 24,500 mid-week. However, sentiment turned cautious later as crude prices firmed, IT stocks faced pressure following mixed earnings, and a broader risk-off environment emerged. This led to sharp declines, with the Nifty slipping below 24,000 during the week.

The stock market saw a mix of an early relief rally followed by pressure from elevated energy costs and foreign outflows, while mid- and small-cap stocks showed relative resilience.

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Nifty 50 Outlook

Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, believes the ongoing move signals a healthy pullback within a broader uptrend, rather than a structural breakdown. The Nifty 50 index may bounce back strongly from the 23,600 to 23,500 range, and come close to the recent high of 24,600.

The Nifty 50 index recently tested a high near the 24,600 mark before witnessing a sharp pullback towards the 23,800 zone, indicating the emergence of profit booking near resistance levels. The index is now gradually approaching the 23,600–23,500 support zone, which is likely to act as a crucial demand area in the near term. Mehul Kothari believes that the ongoing move appears to be a healthy pullback within a broader uptrend, and once this corrective phase stabilises, the broader trend is expected to resume on the upside.

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Bank Nifty Outlook

Mehul Kothari also provided insights on the Bank Nifty, which, after witnessing a recovery in the previous phase, faced resistance around the 61.8% retracement zone of 57,200–57,500, where it showed clear signs of rejection, indicating supply at higher levels. Following this, the index drifted lower and even slipped below 56,000, confirming short-term weakness and the continuation of the pullback. Going ahead, the index is expected to find support around the 54,500 zone, which remains a crucial demand area.

Price action near this level will be important to watch for signs of stabilisation. Once this corrective phase concludes, the broader structure suggests a potential recovery, with the index likely to move back towards 57,500 and potentially break above it in the subsequent phase.

Mehul Kothari's stock recommendations under ₹200 include:

1. ABFRL: Buy around ₹60, Target ₹66, Stop Loss ₹57
2. Canara Bank: Buy around ₹137, Target ₹150, Stop Loss ₹131
3. Wipro: Buy around ₹197, Target ₹218, Stop Loss ₹188