Stocks to buy under ₹100 | Mehul Kothari's stock recommendations: The Indian stock market recorded its strongest weekly gains in nearly six months for the week ended October 16, 2026, with the Sensex rising 3.11% to 74,729 and the Nifty 50 index gaining 2.8% to 23,146, marking their second consecutive weekly advance.
The rally was led by a spectacular 11.7% surge in the Nifty IT index, its biggest weekly gain in nearly 18 years, supported by strong Q2 results 2026 and a global rotation towards traditional technology stocks.
Highlighting the major triggers, which fueled buying in Sensex, Nifty and other index-listed stocks, Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, said, “A stronger Indian Rupee, softer crude oil prices, domestic institutional buying and optimism around a potential India-US trade deal further supported sentiment. However, the rally remained concentrated in large caps, with midcaps posting modest gains while smallcaps largely lagged, alongside weakness in FMCG and pharma stocks.”
Speaking on the outlook for the Nifty 50 index, Mehul Kothari said, the 50-stock index has staged a remarkable recovery, rallying nearly 1,000 points from its recent low of around 22,150 to a high near 23,150 in a short span. This validates our earlier stance of not panicking during the breakdown near 22,200, as highlighted by the ‘Triple Bullish Divergence’ on RSI across NIFTY 50, NIFTY 500, NIFTY MIDCAP 100 and NIFTY MIDCAP 150.
“With selling pressure easing and momentum improving, we now maintain our BUY ON DIPS stance. The crucial support has shifted to 22,600, and holding above this level will keep bullish confidence intact. On the upside, 23,200 remains the immediate hurdle, and a sustained breakout above it could open the door towards 23,600 in the coming week. While volatility may persist, the sharp recovery from the recent lows strengthens the case for further upside,” Mehul Kothari of Anand Rathi said.