Anand Rathi's Mehul Kothari picks Tata Steel, UCO Bank and Sagility under ₹200 for short term

For Tata Steel, the suggested buy level is ₹189, with targets set at ₹196 and ₹201, and a stop loss at ₹183. UCO Bank is advised to be bought at ₹24.50, aiming for a target of ₹26, with a stop loss placed at ₹22. Sagility is recommended at a buy price of ₹46.50, targeting ₹54, while maintaining a stop loss at ₹42.

Kothari cited the broader market context, noting that the Indian stock market ended lower for the fourth straight week due to rising crude prices, higher bond yields and renewed concerns over Federal Reserve rate hikes. Brent crude had surged nearly 7% amid US-Iran tensions, adding to market pressure.

However, on Friday, benchmarks showed a modest recovery as easing rate concerns and improved global cues helped the Sensex rise 362.57 points (0.48%) to 76,515.43 and the Nifty gain 24.25 points (0.10%) to 23,897.70, ending a four-day losing streak. Metals and financials led the rebound, though profit-booking and weakness in autos limited further gains.

On the technical outlook, Kothari said the Nifty 50 needs to sustainably move above 24,000 to reinforce a bullish setup and revive upward momentum. He identified 24,350 as the next immediate hurdle, with a sustained breakout above that level potentially strengthening the bullish trend significantly.

Regarding Bank Nifty, he observed that the index is consolidating within a symmetrical triangle pattern, indicating a contraction phase before the next directional move. A breakout above 58,200 would confirm an upside move, while a drop below 57,000 would invalidate the positive structure. As long as Bank Nifty holds above 57,000, a buy-on-dips approach is advised.

The disclaimer accompanying the recommendations states that the views are those of the individual analyst or broking firm and not of Mint. Investors are advised to consult certified financial experts before making any investment decisions.