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

On Monday, benchmark indices closed slightly higher after trading in a narrow range, indicating a mixed but cautiously optimistic mood in the market. The Nifty was up 41.25 points, or 0.16 percent, at 25,763.35 at closure, while the Sensex was up 39.78 points, or 0.05 percent, at 83,978.49. In terms of data, investors will be watching India's Manufacturing PMI later today and the US JOLTS job openings report today. State Bank of India, Mahindra & Mahindra, Adani Ports, InterGlobe Aviation, and Indian Hotels are among the major Q2 results that are due today.

Nifty Outlook Today

"The index formed a small bull candle highlighting buying demand at lower levels near previous major high after last two sessions of corrective decline. The market overall remains in a firm up trend. The ongoing phase of consolidation in the last 8 sessions is best interpreted as a healthy retracement and time correction following a sharp 1,500-point up move in four weeks. We believe the current breather should be used to accumulate quality stocks in a staggered manner. We expect the index to maintain positive bias and head towards last two weeks high of 26,100 and then towards the all-time high of 26,277 in the coming sessions. Strong support is seen around 25,500-25,300, which is likely to hold as it is the confluence of the recent breakout zone, key retracement of previous up move and 50 days EMA," said the technical research analysts of Bajaj Broking.

Bank Nifty Outlook Today

"The index snapped its two sessions corrective decline and closed above the 58,000 levels. Index has formed a bull candle which remained enclosed inside previous session high-low range signaling consolidation amid stock specific action. Going ahead, index to extend consolidation of the last two weeks in the range of 57300-58500 thus forming base after the next leg of up move. A decisive move above last two week's high of 58,577 would confirm a breakout continuation, paving the way for a rally towards 59,000 being the 138.2% Fibonacci projection of the recent correction (57,628-53,561). On the downside, immediate support is seen around 57,300-57,500, aligning with the previous breakout zone, while a stronger support base lies near 56,800-56,500. Overall, the outlook remains positive, and any pullbacks should be viewed as buying opportunities within these support areas. PSU Banking stocks to extend the recent outperformance," commented the technical research analysts of Bajaj Broking.

Stocks To Buy Today

On Tuesday, November 4, Mehta Equities Ltd's technical analyst Riyank Arora recommended buying two stocks.

Jayaswal Neco

Buy | CMP: Rs 78 | SL: Rs 74 | Target: Rs 86 / Rs 92

Jayaswal Neco has maintained a firm bullish tone, supported by healthy volume activity and sustained investor participation. The stock is trading comfortably above its short-term moving averages, reflecting strong accumulation. A decisive move above ₹79 could trigger further gains toward ₹86 and ₹92. Traders can consider buying on dips while maintaining a stop-loss at ₹74.

Ola Electric

Buy | CMP: Rs 51.12 | SL: Rs 48 | Target: Rs 56 / Rs 60

Ola Electric is showing early signs of reversal after forming a base near ₹50. The stock has started to attract renewed buying interest with improved momentum on the daily chart. A close above ₹52 could accelerate the upmove toward ₹56 and ₹60. Traders may initiate long positions with a stop-loss at ₹48 for prudent risk management.

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