Indian equity markets extended gains for most of the week, with the Sensex and Nifty rising for five straight sessions amid easing geopolitical tensions following the US-Iran peace agreement, Mehul Kothari of Anand Rathi said on June 20. The Nifty climbed from the 23,100–23,500 range to touch highs of 24,160, reflecting improved investor sentiment. Kothari recommended buying stocks under ₹200, including Indian Overseas Bank and Motherson Sumi Wiring, according to livemint.com.
The market's immediate support level is at 57,000, and Kothari advocates a buy-on-dips strategy for investors. The easing of crude oil prices, triggered by the peace agreement, helped reduce concerns over imported inflation, which had weighed on the market. Despite weakness in the IT sector, benchmark indices showed weekly gains, underscoring ongoing market stability, livemint.com reported.
The recommendations come as Indian equity markets respond positively to geopolitical developments and easing inflationary pressures. Indian Overseas Bank and Motherson Sumi Wiring, both trading under ₹200, are positioned to benefit from the current market environment. The broader market's resilience despite sector-specific challenges highlights selective opportunities for investors in the short term, according to the analysis by Anand Rathi's Mehul Kothari.
The Nifty's rise to 24,160 marks a notable recovery from the 23,100–23,500 range earlier in the week, with the Sensex also maintaining upward momentum. The US-Iran peace agreement and subsequent crude oil price decline played key roles in this market movement, as detailed by Mehul Kothari of Anand Rathi in his June 20 market commentary.