Stocks To Buy Today, Dec 2: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Tuesday

During the previous session, the Nifty Index achieved a new lifetime record high of 26,325.80, although the underlying gain remained subdued as the index met mild profit-booking at lofty levels. On Monday, the index lost a modest 27.20 points, finishing at 26,175.75.

Nifty Bank Index soared to a new lifetime high of 60,114.30, although the underlying trend seemed weak, with the index meeting minor profit-taking at higher levels. On Monday, the index dipped a modest 71.35 points to settle at 59,681.35, remaining within its previous trading range. Volatility went marginally higher, with India VIX jumping 0.06 percent to 11.62, indicating a modest spike in worry and a drop in risk appetite.

Nifty Outlook Today

"Despite repeatedly hitting new lifetime highs, the index has struggled to sustain at elevated levels, with consistent selling pressure emerging at higher zones. Nifty is likely to regain momentum only after a decisive breakout above 26,350, which could trigger incremental short-covering. The prevailing pattern of higher highs and higher lows suggests the structure remains constructive, with the index undergoing a time-wise corrective phase rather than a trend reversal," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"The aggressive call writing around near-ATM strikes, coupled with put writers holding their ground near the 26,000 support, indicates a sideways-to-cautiously-bearish sentiment among market participants. A sustained move above 26,350 would be essential to unlock the next upside leg toward 26,500. On the downside, as long as the index remains above 26,000, bulls are expected to maintain their positions, keeping the index confined within a well-defined trading range. Until a breakout occurs, a range-bound trading approach remains prudent," he further added.

Bank Nifty Outlook Today

"Despite repeatedly setting fresh lifetime highs, Nifty Bank has struggled to hold gains at upper levels, with selling pressure consistently emerging near record zones. A convincing breakout above 60,000 will be essential for the index to regain upward traction and unleash a fresh round of short-covering. The continued pattern of higher highs and higher lows suggests the trend structure remains constructive, with the index undergoing a time-wise consolidation phase rather than any material reversal," recommended Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"While robust Put writing at lower levels continues to signal confidence among bulls, the simultaneous buildup of call positions near resistance reflects expectations of a sideways-to-range-bound movement among market participants. A sustained push above 60,000 could propel the index toward 60,500, while the 59,000 support zone remains vital for maintaining the bullish bias. Until the index decisively breaks out of this range, a range-trading strategy remains favourable," he stated.

Stocks To Buy Today

On Tuesday, December 2, technical analyst Riyank Arora of Mehta Equities Ltd. recommended buying two stocks following the Nifty's establishment of an all-time high.

Waaree Energies

Buy | CMP: Rs 3,179 | SL: Rs 3,080 | Target: Rs 3,300 / Rs 3,380

Waaree Energies is consolidating near its upper range but continues to display strong bullish structure. Support at Rs 3,080 remains intact, and RSI is staying in the positive zone. A close above Rs 3,220 could lead the stock toward Rs 3,300 and Rs 3,380. SL at Rs 3,080.

Monte Carlo

Buy | CMP: Rs 757 | SL: Rs 735 | Target: Rs 780 / Rs 805

Monte Carlo has formed a base near Rs 735 and is now showing signs of upward reversal. The stock is trading above short-term averages, and momentum is improving. A move above Rs 765 can trigger a rally toward Rs 780 and Rs 805. Place SL at Rs 735.

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