Stocks to buy under ₹200: After three weeks of gains, the bulls finally lost grip in the Indian stock market as pessimism weighed heavily on sentiment. The Nifty 50 index plunged more than 2.5%, sliding from its peak of 25,300 to a low of 24,600. The decline was led by weakness in the pharma space, with the Nifty Pharma index slipping 2.3% after. The US President Donald Trump announced a 100% levy on branded and patented drugs.

IT stocks also came under pressure, extending losses for the sixth consecutive session after Accenture’s results pointed to a patchy demand recovery. FY26 constant-currency revenue growth is guided at 2–5% versus 7% in FY25. Adding to the pressure, FII outflows intensified, with nearly ₹24,000 crore exiting in September, including ₹5,000 crore in a single day, while the rupee hovered close to its all-time low at 88.7.

Stock market outlook

Mehul Kothari, Deputy Vice President of Technical Research at Anand Rathi, believes the Indian stock market sentiment has weakened as the Nifty 50 index breached below 24,900 and even came close to 24,600 levels. The Anand Rathi expert said the Nifty 50 index needs to sustain above 24,400 levels to keep bulls in control.

Speaking on the outlook of the Nifty 50 index, Mehul Kothari of Anand Rathi said, “We expected Nifty to find support near the breakout retest zone of 25,150–25,000. However, this zone was broken, and as a result, Nifty even breached the 24,900 mark, which was the rising trendline support. This breakdown dragged the index lower towards 24,600. The index is approaching another rising trendline support near 24,500, while 24,400 stands as the previous swing low.”

“This support zone must hold for the bulls to stay in control. Encouragingly, the intraday charts look highly oversold, which raises the possibility of a short-term recovery from the 24,500–24,400 band. We remain cautiously optimistic as things stand, but a breach of 24,400 could trigger fresh panic and force a reassessment of the market outlook. Traders are advised to remain calm and allow the dust to settle. On the upside, immediate hurdles are seen at 24,800, followed by 25,000, in case of any pullback,” Mehul Kothari added.

On the outlook of the Bank Nifty index, Mehul Kothari said, “The Nifty Bank index cracked nearly 2% during the week and is once again hovering around the 54,000 mark. It has retraced about 61.8% of the previous rally, making it unclear whether this is just a pullback or the beginning of a new downtrend. For now, 53,500 remains a crucial support for the index. As long as this level is not breached, a recovery in Nifty Bank cannot be ruled out. On the upside, the immediate hurdle is placed at 55,300.”

Mehul Kothari’s stock recommendations under ₹200

Regarding stocks to buy on Monday, Mehul Kothari of Anand Rathi recommended three buy-or-sell stocks: SeQuent Scientific, IDFC First Bank, and Gujarat Pipavav Port Ltd.

1] SeQuent Scientific: Buy at ₹189, Target ₹208, Stop Loss ₹179;

2] IDFC First Bank: Buy at ₹68, Target ₹74, Stop Loss ₹65; and

3] GPPL: Buy at ₹156, Target ₹168, Stop Loss ₹151.

Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.