Stocks To Buy Today, Dec 4: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Thursday

Nifty index in the previous session continued to suffer from turbulent trading, recording its third straight lower-low closing and suggesting a continuous decline in underlying strength. The index fell below the critical 26,000 level on Wednesday, extending its slide by 46.20 points to close at 25,986.00. This is now a significant resistance barrier.

Whereas the Nifty Bank index extended its bumpy trading phase, posting its third straight closing below its previous session's high, showing a steady erosion in underlying momentum. On Wednesday, the index managed to stage a minor pullback from lower levels and finished marginally positive, adding 74.45 points to conclude at 59,348.25, bringing itself near the key 20-DEMA support zone.

Despite the fall, the market is still in a consolidation period rather than going into a high-volatility correction, as seen by the moderate volatility and low India VIX.

Nifty Outlook Today

"From a technical standpoint, Nifty has formed a Doji candlestick pattern, underscoring indecision at a key inflection zone. A decisive move above 26,150-an immediate supply pocket aligned with the lows of the last three sessions-remains essential to revive momentum and open the path toward 26,350. Meanwhile, holding above the 20-DEMA and the 0.382 Fibonacci retracement zone at 25,950-25,900 stays critical, defining this cluster as the index's final make-or-break support," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"On the upside, 26,150 remains a pivotal resistance level to track. With volatility compressed and the price action lacking directional clarity, the index requires a breakout on either side to re-establish trend strength. As long as Nifty sustains above the 25,900 demand band, sentiment is expected to stay neutral-to-sideways, with dips likely attracting renewed buying interest. Momentum indicators echo this setup, with the 14-day RSI easing toward 53, suggesting a drift into a more neutral territory. In the near term, 26,150 acts as a key pivot resistance, while 25,900 continues to serve as the final support floor," he further added.

Bank Nifty Outlook Today

"From a technical perspective, Nifty Bank has formed a bullish Hammer candlestick pattern at the 20-DEMA-a zone that has consistently acted as a reliable reversal point in earlier sessions. A decisive breakout above 59,500, which aligns with the supply area created by the lows of the past three sessions, could potentially revive upside momentum and drive the index toward 60,100. On the downside, sustaining above the 20-DEMA and the 0.382 Fibonacci retracement around 59,000-58,900 remains essential, defining this pocket as the index's critical make-or-break zone," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"On the upside, 59,500 remains a crucial immediate resistance. With volatility subdued and directional conviction lacking, a breakout above or below the current range is necessary to re-establish a meaningful trend. As long as Nifty Bank stays above the 58,900 demand zone, the broader sentiment is expected to remain neutral to sideways, with dips likely inviting fresh buying. Momentum indicators remain constructive, with the 14-day RSI comfortably above 60, highlighting resilience despite recent consolidation. In the near term, 59,500 will serve as the key pivot resistance and 58,900 as the last defensive support," he stated.

Stocks To Buy Today

On Thursday, December 4, technical analyst Riyank Arora of Mehta Equities Ltd. recommend buying two stocks after Nifty finished down for three consecutive sessions, making successive lower lows as sustained selling pressure appears on every minor upswing.

OLA Electric

Buy | CMP: Rs 38.03 | SL: Rs 36.50 | Target: Rs 40.20 / Rs 42

OLA Electric is attempting to stabilise after a sharp decline and is holding near a demand zone around ₹36.50. Early signs of bottoming out are visible, with momentum flattening. A bounce above ₹38.80 may trigger recovery toward ₹40.20 and ₹42. SL at ₹36.50.

Jayneco Industries

Buy | CMP: Rs 70.00 | SL: Rs 67 | Target: Rs 73 / Rs 76

Jayneco continues its steady upward structure with consistent buying near support zones. The stock is trading above short-term moving averages and showing improving volumes. RSI remains positive, supporting further upside potential. A move above ₹71 can take it toward ₹73 and ₹76. SL at ₹67.

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