Anand Rathi analyst flags three stocks as buys amid cautious market

The Nifty 50 slipped 2.36% to finish the week at 22,600, while the Bank Nifty fell 2.79% to about 54,287. Most sectors posted losses between 1% and 7%, with the Infrastructure sector registering the biggest drop. The index entered oversold territory after a sharp correction, but buying interest could not hold above the 23,200 resistance, leading to renewed selling. Global factors such as a surge in Brent crude toward $110 a barrel and heightened geopolitical tensions added to the bearish tone. Ganesh Dongre, AVP – Equity Research at Anand Rathi, said market sentiment remains cautious despite the oversold signal. He noted that the Nifty settled near the historic support band of 22,500–22,600, a zone that previously anchored yearly and quarterly lows. Dongre identified the immediate upside barrier as 23,200–23,400, followed by a larger hurdle around 24,100–24,200 where the 200‑day EMA sits; a weekly close above the lower band could open a path toward the 24,000‑24,200 range. On the downside, a break below 22,500–22,200 could drag the index toward the 21,700–22,000 support cluster. For Bank Nifty, Dongre sees current support at 53,500 with a secondary level near 53,000; a breach below 53,000 may trigger fresh selling. Resistance lies at 56,400‑56,500 near the 200‑day EMA, and a sustained breakout above 56,500 would improve its technical outlook. Dongre recommended three stocks for Monday: Eternal (buy ₹315‑₹320, target ₹330, stop‑loss ₹305), Bank of Baroda (buy ₹230‑₹233, target ₹242, stop‑loss ₹225) and Apollo Hospitals Enterprises (buy ₹7,700‑₹7,730, target ₹8,100, stop‑loss ₹7,550).

Context

Technical traders watch support and resistance zones like the 23,200 level to gauge short‑term trends, while rising oil prices often lift inflation worries that can dampen equity buying.