Stock Picks Under ₹100: Mehul Kothari of Anand Rathi Identifies Three Shares for Investment Consideration
Detailed Analysis
Indian Stock Market Witnesses Strong Gains Amid Volatility
The Indian stock market experienced a highly volatile week from April 6-10, 2026, but managed to end with strong gains of 5.5-6%, marking its best weekly performance in over 5 years. The week began on a weak note due to rising crude oil prices, geopolitical tensions over the US-Iran situation, and continued FII outflows.
However, sentiment improved mid-week following a ceasefire announcement, a decline in oil prices, and a stable RBI policy, triggering a broad-based rally led by financials, realty, and auto stocks. Despite a brief phase of profit booking, markets regained strength on Friday, with the Nifty 50 index reclaiming the 24,000 mark.
Market Resilience and Global Concerns
Overall, resilience in domestic sectors and easing global concerns helped markets recover strongly, even as external factors like oil prices and global cues remained key drivers. The sharp ~6% rally in the Nifty 50 now appears to be more than just a relief bounce, as the index has decisively broken above the crucial 23,100-23,400 resistance zone and sustained near 24,000 levels, indicating that a durable bottom is likely in place and the market has potentially entered the early phase of the next uptrend.
Technical Analysis and Outlook
According to Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, the Nifty 50 hourly chart is now showing negative RSI divergence, indicating early signs of momentum exhaustion and increasing the probability of a short-term pullback. On the downside, 23,600 acts as the first support (gap zone), followed by a stronger support near 23,200, which should act as a buy-on-dips zone if tested.
Bank Nifty Index Outlook
On the outlook of the Bank Nifty index, Mehul Kothari said the index staged a phenomenal recovery, rebounding from lows near 50,000 to retest the 56,000 mark, translating into a ~10% sharp recovery. On the upside, the index is now approaching a key hurdle around 57,000, which coincides with the placement of its long-term moving averages and is likely to act as a resistance zone.
Stock Recommendations
Regarding stocks to buy on Monday, Mehul Kothari of Anand Rathi recommended the following three stocks:
| Stock | Buy Range | Target Price | Stop Loss | | --- | --- | --- | --- | | Network18 | ₹32-₹31 | ₹37-₹39 | ₹29 | | Motherson Sumi Wiring India | ₹39-₹37 | ₹43 and ₹48 | ₹35 | | Suzlon Energy | ₹44-₹42 | ₹49 and ₹55 | ₹38 |
Table: Stock Recommendations by Mehul Kothari
Investor Takeaway
Investors should consider shares under ₹100 for potential gains.
