Stocks to buy under ₹200: Mehul Kothari of Anand Rathi recommends three shares to buy or sell

Stocks to buy under ₹200: The Indian stock market witnessed a highly volatile, event-driven week (Mar 23–27, 2026), dominated by the US-Iran war, sharp swings in crude oil, rupee weakness, and persistent FII selling. The week began with a steep fall on Monday, as Brent crude surged to $110–113 and the rupee weakened to near 94, dragging the Nifty 50 down 2.6%.

Sentiment improved sharply on Tuesday and Wednesday on de-escalation hopes and cooling oil prices (below $100), leading to a strong rebound with Nifty crossing the 23,300 mark amid broad-based buying. However, Friday saw another sharp reversal as fresh escalation fears pushed oil higher again, triggering profit-taking, continued FII outflows, and a weaker rupee.

Overall, despite the mid-week recovery, the market ended flat to slightly negative, with elevated volatility, pressure on broader markets, and cautious investor sentiment throughout the week.

Outlook for the Indian stock market

Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, believes that the downside appears limited in the Indian stock market. Mehul Kothari of Anand Rathi said that signs of selling exhaustion are emerging, but confirmation of a trend reversal is still pending.

Speaking on the outlook for the Nifty 50 index, Mehul Kothari said the outlook remains mixed in the short term but constructive in the broader timeframe. After initially expecting support near 22,900, the index extended its decline to fill the next gap around 22,500, where it has since bounced strongly, indicating solid demand. The broader structure remains corrective, with the market currently in wave (iv) of the third wave, suggesting that once this phase completes, wave (v) could push the index to new highs in the coming months.

Mehul Kothari of Anand Rathi said the near-term trend for the 50-stock index remains weak, as prices trade below the key resistance zone of 23,400–23,700, which also serves as a gap supply area. Momentum indicators show a clear daily bullish divergence, but a weakening hourly RSI near resistance signals possible consolidation or retest of lower levels. As long as 23,400 is not decisively broken, the market may stay range-bound with downside risk toward 22,900 and 22,500–22,200.

“Overall, while downside appears limited and signs of selling exhaustion are emerging, trend reversal confirmation is still pending, making it important to stay cautious in the short term while maintaining a bullish medium-term view,” Kothari added.

Asked about the outlook of the Bank Nifty index, the Anand Rathi expert said that the overall setup favours a sell-on-rise approach until a breakout occurs, and a trend reversal for the bulls will only be confirmed above 54,200.

Mehul Kothari's stock recommendations

Regarding short-term stocks to buy, Mehul Kothari of Anand Rathi recommended these three buy-or-sell stocks under ₹200: Shree Renuka Sugars, Gujarat Ambuja Exports, and Wipro.

1] Shree Renuka Sugars: Buy at ₹26, Target ₹31, Stop Loss ₹23.50;

2] Gujarat Ambuja Exports: Buy at ₹133, Target ₹145, Stop Loss ₹127; and

3] Wipro: Buy at ₹192, Target ₹202, Stop Loss ₹187.

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