Stocks To Buy Today, Nov 7: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Friday

The Bank Nifty index continued its muted tone on Thursday, falling 272.80 points to close at 57,554.25, marking yet another session below the previous day's low, while the Nifty index continued its losing streak, falling 87.95 points to settle at 25,509.70, marking yet another session below the previous day's low and hovering around the crucial 25,500 mark. Despite the continued downturn, the India VIX, a gauge of short-term market volatility, dropped 1.92% to 12.41, indicating a generally calm mood.

Nifty Outlook Today

"The index continues to struggle for stability as every minor bounce invites fresh selling, reaffirming a weak technical setup. The ongoing lower high-lower low formation, coupled with sustained FPI selling over the last four sessions in both cash and futures segments, signals persistent bearish undertones. With call writers dominating at higher strikes, the overall setup suggests that sellers remain active on rallies, keeping the near-term bias negative," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"A decisive move above 25,800 would be essential to revive bullish momentum. Until then, the outlook remains bearish, and a breakdown below 25,480 could accelerate the downside move. Traders are advised to maintain a sell-on-rise approach, focusing on shorting near resistance zones while adopting a disciplined and cautious stance in the near term," he further added.

Bank Nifty Outlook Today

"Nifty Bank continues to display signs of fatigue, hinting at a potential breakdown of its consolidation range in the upcoming sessions. Persistent supply at higher levels suggests that sellers are becoming more aggressive, while buyers appear increasingly hesitant to defend key levels. With call writers ramping up positions across higher resistance zones and buyers refraining from chasing rallies, the market structure remains fragile," commented Dhupesh Dhameja.

"A decisive move above 58,300 would be necessary to rekindle bullish momentum and confirm a potential reversal. Conversely, a sustained decline below 57,520 could trigger fresh weakness, validating a short-term breakdown and denting buyer sentiment further. Until the index decisively breaks past its resistance band, the broader outlook stays neutral to mildly bearish. Traders are advised to maintain a sell-on-rise approach, focusing on shorting opportunities near resistance levels while keeping a disciplined and cautious stance amid the prevailing range-bound setup," he further added.

Stocks To Buy Today

After the Nifty index fell below the 20-day exponential moving average (20-DEMA) and the 0.382 Fibonacci retracement level indicated waning positive momentum, technical expert Riyank Arora of Mehta Equities Ltd. suggested buying two stocks on Friday, November 7.

Lodha Developers

Buy | CMP: Rs 1,232 | SL: Rs 1,190 | Target: Rs 1,300 / Rs 1,340

Lodha Developers continues to exhibit a strong uptrend with consistent buying interest on dips. The stock remains comfortably above its 20-day and 50-day averages, reflecting sustained momentum. RSI also supports further strength. Holding above ₹1,232 could propel the stock toward ₹1,300 and ₹1,340. A stop-loss at ₹1,190 is advised to protect against volatility.

Birla Soft

Buy | CMP: Rs 372 | SL: Rs 355 | Target: Rs 395 / Rs 410

Birla Soft is showing positive chart structure, forming higher lows with improving volume activity. The IT counter is gaining traction after consolidating near ₹360 levels, and momentum indicators are turning bullish. Sustaining above ₹372 can trigger a move toward ₹395 and ₹410. Traders may consider buying with a stop-loss at ₹355 for downside protection.

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