Stocks To Buy Today, Oct 10: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Friday

The previous session's Nifty index was still struggling for a clear direction, but it progressively built a solid foundation close to the key 25,000 mark, indicating early indications of a positive continuation. The index failed to break over its immediate resistance of 25,200 after numerous attempts. The Nifty rose 135.65 points on Thursday, closing at 25,181.80, barely below this critical level.

The Nifty Bank index is still looking for a clear direction, but it is still well supported above its critical gap support, suggesting that the trend may continue. The index has failed to break over its immediate resistance level of 56,300 after many efforts. The index closed at 56,192.05 on Thursday, barely below this crucial level, after rising 173.80 points.

The India VIX continued its recovery from record low levels on Thursday, easing by 1.87%. The volatility's moderation indicates that traders are using hedging to maintain a cautious but regulated stance, demonstrating an emphasis on methodical risk management in the face of ongoing uncertainty.

Nifty Outlook Today

"Nifty is beginning to show confidence near crucial psychological support, with a bullish continuation formation emerging alongside strong put writing at the 25,000 strike-indicating sustained buying interest. The index's ability to hold above its short- and medium-term moving averages further reinforces the positive setup. A decisive close above the 25,200 resistance zone could ignite a wave of short covering, propelling the index toward the 25,500 mark," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"The 25,000 level now stands as the key battleground between bulls and bears. While a sustained move below this mark could open the door to mild downside pressure, holding above the 24,900-24,950 zone should keep buyers in control. Until a breakout occurs, a "buy-on-dips" strategy remains favourable for traders, with immediate focus on sustaining above 25,000 and eyeing a potential breakout beyond 25,200 for the next leg of the rally," commented Dhupesh Dhameja.

Bank Nifty Outlook Today

"Nifty Bank is gradually building conviction near its critical support base, with sustained stability above it and heavy put writing at the 56,000 strike reaffirming strong buying interest. The index's position above its short- and medium-term moving averages further strengthens the bullish setup. Once the index firmly sustains above 56,300, a wave of short covering could propel it toward the 56,800 mark," stated Dhupesh Dhameja.

"For now, the 55,700 zone continues to be the decisive battleground between bulls and bears. A sustained breach below this level could open room for mild downside, but as long as the index holds above the 55,650-55,700 zone, buyers are expected to defend lower levels aggressively. A conclusive breakout above 56,300 would likely attract renewed bullish momentum, setting the stage for the next upward leg. Until then, maintaining a "buy-on-dips" approach remains a prudent strategy amid a stable undertone," he further added.

Stocks To Buy Today

Riyank Arora, a technical analyst at Mehta Equities Ltd., suggested purchasing two stocks on Friday, October 10.

Yes Bank

Buy | CMP: Rs 22.40 | SL: Rs 21.50 | Target: Rs 24 / Rs 25.50

Yes Bank is showing renewed momentum after consolidating near its base levels. The stock has seen a rise in volumes with RSI turning upward, signaling improving sentiment. Sustaining above ₹22.40 may lead to a move toward ₹24 and ₹25.50. Traders can consider fresh longs with a stop-loss at ₹21.50 to manage risk effectively while aiming for short-term gains.

Ather Energy

Buy | CMP: Rs 623 | SL: Rs 600 | Target: Rs 660 / Rs 685

Ather Energy continues to strengthen, forming higher highs and holding above key moving averages. The stock's strong RSI and volume action point to sustained buying interest. Holding above ₹623 can drive momentum toward ₹660 and ₹685. Traders can initiate long positions with a stop-loss at ₹600 to limit downside exposure and ride the ongoing positive trend.

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