Stocks To Buy Today, Nov 20: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Thursday

While Nifty Bank completed the session on Wednesday at 59,216.05, up 0.54%, recording a new all-time high (ATH) after exceeding the previous peak of 59,103.65, Nifty continued its upward climb to close at 26,052.65, up 0.55%, after beginning flat and progressively increasing throughout the previous session. With the India VIX falling 1.01 percent to 11.97, volatility somewhat dropped, which suggests less uncertainty and a cautiously optimistic view among traders. The US jobs statistics that will be reported today will be the main focus going forward.

Nifty Outlook Today

"In terms of levels, immediate support is seen around 25,850-25,800, and sustaining above this zone keeps the near-term bias firmly positive. Resistance remains at 26,100-26,150, which is the critical barrier before the index attempts a move toward the all-time high of 26,277.35. As long as Nifty holds above 25,800, a buy-on-dips strategy remains favourable, supported by both price structure and derivatives positioning," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"Nifty Bank comfortably holds above the 9-EMA and 20-EMA, both of which are angled upward, confirming short-term strength. The index is moving in line with the Fibonacci projection toward 59,450, the 1.618 extension of the recent swing. The RSI remains at 72, indicating firm momentum without showing signs of exhaustion," commented Om Mehra, Technical Research Analyst, SAMCO Securities.

"The support has now shifted higher to 58,800-58,700. The next measurable zone lies near 59,450-59,500 based on the Fibonacci projection. A sustained close above this region may pave the way for a move toward the psychological 60,000 mark," he further added.

Stocks To Buy Today

On Thursday, November 20, technical analyst Riyank Arora of Mehta Equities Ltd. suggested purchasing two stocks after the Nifty is now securely above the middle Bollinger Band and is comfortably positioned above the 9-EMA and 20-EMA, all of which are trending upward, indicating consistent upward traction.

Wipro

Buy | CMP: Rs 246.07 | SL: Rs 238 | Target: Rs 255 / Rs 262

Wipro is forming a steady base near ₹238 and gradually turning upward. The stock is trading above its short-term averages, signalling trend improvement. RSI has started rising from lower levels, supporting a positive bias. A move above ₹248 could extend gains toward ₹255 and ₹262. Keep SL at ₹238.

TCS

Buy | CMP: Rs 3,147.70 | SL: Rs 3,080 | Target: Rs 3,240 / Rs 3,310

TCS continues to display a strong upward structure, staying well-supported above ₹3,080. Price action shows steady accumulation with bullish candles forming near resistance. Momentum indicators remain favourable with RSI holding in the positive zone. A breakout above ₹3,170 may lead to targets of ₹3,240 and ₹3,310. SL at ₹3,080.

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