On Friday, Nifty fell 151 points to close at 24,176, while the Sensex declined 516 points to end at 77,328.
Stock Market Outlook
Levels to watch out for: 24,400 – 24,800 / 23,900 – 23,700
Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi noted that Indian equity markets remained volatile during the week of May 4–8, 2026, but managed to end with modest gains amid mixed global cues, geopolitical tensions, FII outflows, weekly expiry pressure, and profit booking.
"The Nifty 50 traded in a broad range of 23,800–24,400 and closed near the 24,100–24,300 zone, while the Sensex fluctuated between 76,500 and 78,000 levels. Markets witnessed a sharp rebound on May 6, supported by easing geopolitical concerns and improved global sentiment, though later sessions saw consolidation and mild profit booking," he stated.
Moreover, broader markets, especially midcaps and smallcaps, continued to outperform benchmark indices at several points during the week. Sentiment remained sensitive to crude oil movements, Iran-related developments, election outcomes, and global market trends.
Recently, the Nifty index managed to confirm a range breakout above the 24,300 mark and even crossed the crucial hurdle of 24,400 during the week. However, post the breakout, the index witnessed a healthy pullback and retested the breakout zone. The overall price structure resembles a symmetrical triangle breakout, which continues to keep the broader trend positive, said the expert.
"Thus, we maintain our bullish stance on the markets. Going ahead, a sustained move above 24,400 would further reinforce positive sentiment and could drive the index towards the next key resistance levels of 24,600 and then 24,800. On the contrary, a breach below 23,900 may negate the breakout structure and could lead to a fresh phase of consolidation," Kothari suggested.
Even the NIFTY BANK index has confirmed a breakout from the falling trend line, indicating improving momentum in the banking space. However, the index is facing a strong hurdle near the 56,500 mark, and unless this resistance is decisively crossed, the index may continue to witness some pressure at higher levels, added the Anand Rathi analyst.
"On the downside, there is a crucial rising trend line support near 55,000, followed by the previous swing low around 54,200. This support zone is likely to act as an important cushion for the index in the coming week," he predicted.
Mehul Kothari's stock recommendations today under ₹200
Regarding stocks to buy under ₹200, Mehul Kothari recommended these three short-term picks: NTPC Green, Rolex Rings, and MRPL.
1] NTPC Green: Buy near ₹107, Target ₹117, Stop Loss ₹102;
2] Rolex Rings: Buy near ₹150, Target ₹164, Stop Loss ₹143; and
3] MRPL: Buy on dip near ₹165, Target ₹185, Stop Loss ₹155.
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.
Mehul Kothari, Deputy Vice President of Technical Research at Anand Rathi, has recently shared his technical outlook and top stock picks priced under ₹200 for the short term.
Top Stocks to Buy Under ₹200
According to the latest recommendations for the week of May 4–8, 2026, the following stocks are highlighted:
| Stock Name | Buy Range | Target Price | Stop Loss |
| NTPC Green | Near ₹107 | ₹117 | ₹102 |
| Rolex Rings | Near ₹150 | ₹164 | ₹143 |
| MRPL | Buy on dip near ₹165 | ₹185 | ₹155 |
Market Outlook & Technical Context
Kothari noted that while the broader market remained volatile, the Nifty 50 showed a symmetrical triangle breakout, maintaining a generally bullish stance.
Resistance: A sustained move above 24,400 could drive the index toward 24,800.
Support: A breach below 23,900 might negate the current breakout structure.
Banking Sector: The Nifty Bank index has shown signs of improving momentum after breaking a falling trend line, though it faces a hurdle at 56,500.
Note: These recommendations are based on technical analysis for short-term trading. It is always advisable to consult with a certified financial advisor before making investment decisions.
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