Stocks to buy under ₹200: Escalating geopolitical tensions and a sustained rally in crude oil prices continued to unsettle investors, dragging Indian equities lower for a fifth straight trading session on Friday, July 24.
For the week, the damage was significant. Both the Nifty 50 and the BSE Sensex fell more than 2.5%, registering their worst weekly performance in four months as risk appetite weakened amid mounting concerns over global energy supplies.
Benchmark indices finished firmly in the red. The Nifty 50 declined 0.43% to 23,767, extending losses after a 0.53% fall in the previous session and slipping below the 23,800 level. The Sensex also dropped 0.43% to close at 76,408. Selling pressure extended across the broader market as well, with the Nifty Midcap 100 losing 0.10% and the Nifty Smallcap 100 shedding 0.32%.
The market’s focus remained firmly on developments in the Middle East, where hostilities entered their 13th consecutive day. Reports that Houthi fighters had struck two Saudi oil tankers in the Red Sea raised fears of further disruptions to global shipping and energy supplies. In response, U.S. President Donald Trump threatened “major military punishment” for Iran and its Houthi allies.
US military on Friday said that it fired on another vessel that tried to breach the naval blockade imposed on Iranian ports. The development came as Iran targeted American strongholds around the Persian Gulf. As Washington carried out strikes for the 13th consecutive night, the US and Iran showed no signs of backing away from the conflict, which has once again rattled the Middle East and the global energy markets. With fighting flaring again and diplomacy uncertain, both sides made moves suggesting an escalation was possible.
Oil markets reflected those concerns. After surging nearly 15% last week, crude prices were headed for another double-digit weekly advance, reinforcing fears that persistently high energy costs could add to inflationary pressures and keep financial markets on edge.
The Nifty 50 began the week around 24,300–24,334 but came under sustained selling pressure, ending near 23,600–23,800 after testing the 23,600 support zone on Friday. The Sensex also slipped from above 78,000 to around 76,000 levels. Rising U.S.-Iran geopolitical tensions, higher crude prices, continued FII outflows, a weaker rupee and mixed quarterly earnings weighed on sentiment. With four consecutive sessions of losses, Nifty breached the crucial 24,000 mark, making it a broadly corrective and volatile week, while private banks, IT and metals remained under pressure.
Stock Market Outlook
Levels to Watch: 24,100 – 24,400 / 23,600 – 23,400
Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, noted that from a technical perspective, the broader market structure continues to remain constructive.
“As highlighted earlier, we were expecting a retest of the recent lows, even when the broader market sentiment remained bullish. NIFTY eventually respected our view and retested the 23,600–23,650 zone, before witnessing a sharp recovery of nearly 150–200 points from the lows. We believe the recent correction has brought the index closer to a strong support zone, and hence, we would avoid initiating fresh shorts at current levels. While a minor retest of the recent lows cannot be ruled out in the coming week, our broader view remains intact and we continue to maintain a Buy on Dips strategy. On the upside, 23,900–24,100 will act as an immediate hurdle in the coming week,” he noted.
Kothari suggested that a decisive move above this zone could bring the bulls back into action and pave the way for a fresh leg of the uptrend. As long as the 23,600–23,650 zone holds, we remain positive on the index and would use dips to accumulate longs in a staggered manner. Manage risk and position sizing accordingly, he added.
He further stated that Bank Nifty also played out as expected, breaking below the 56,500 mark and testing the 56,000 zone before staging a sharp recovery of over 700 points during Friday’s session.
“The index has now taken support near its rising trendline, keeping the broader structure constructive. While a minor retest or a lower low towards 56,000–55,500 cannot be ruled out, we would view any such dip as a buying opportunity. On the upside, 57,200–58,000 will act as the immediate hurdle, and a decisive move above this zone could trigger a strong swing move towards the all-time high. Our broader view remains positive, and we continue to favour a Buy on Dips strategy,” he predicted.
Mehul Kothari’s stock recommendations today under ₹200
Regarding stocks to buy under ₹200, Mehul Kothari recommended these three short-term picks: NMDC, Maharashtra Bank, and Union Bank of India.
1) BUY NMDC at ₹83-81, Stop Loss ₹78, Target ₹90
2) BUY Maharashtra Bank near ₹80.50, Stop Loss ₹76, Target ₹88
3) BUY Union Bank near ₹168, Stop Loss ₹163, Target ₹178.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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