Stocks To Buy Today, Oct 16: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Thursday

On October 15, Indian equity benchmarks concluded on a high note, with the Nifty closing over the 25,300 threshold. The Nifty gained 178.05 points, or 0.71%, to end at 25,323.55, while the Sensex increased 575.45 points, or 0.70%, to 82,605.43. Meanwhile, amid continued uncertainty, the India VIX, a crucial indicator of market volatility, dropped 5.60 percent to 10.53. While investors now await key U.S. GDP, PPI, and retail sales data due on Thursday, today's results include Infosys, Wipro, LTIM, Nestle, Jio Financial Services, and Eternal. Amid growing tensions between the United States and China, the possibilities for a trade agreement between the two countries will be center stage in the global market front.

Nifty Outlook Today

"The index formed a bullish candle with a higher high and higher low signaling lack of follow through to previous session bearish engulfing candle highlighting continuation of the positive momentum. The index on Wednesday's session moved above the last week high (25330) signaling continuation of the formation of higher highs in the weekly chart indicating positive bias. On the higher side the index extended the current up move towards 25450-25,500 levels being the trendline resistance joining the major highs of September 2024 and July 2025. Stock specific action will continue to remain in focus as we progress through the Q2FY26 earning session. Immediate support lies around 25,000-25,100, which coincides with the previous swing low and the 20-day and 50-day EMAs. Index sustaining above the same will keep the short-term bias positive," commented the technical research analysts of Bajaj Broking.

Bank Nifty Outlook Today

"Bank Nifty formed a bull candle with a higher high and higher low highlighting continuation of the positive momentum. Stock specific action will be in focus as we progress through the earning session. The index has immediate resistance at 57,000 levels. A move above the same will open further upside towards all time high placed around 57600 levels. Bank Nifty continues to outperform the benchmark indices. Immediate support is placed at 56,200-56,000 levels being the current week low. Indices sustain above the same will keep the immediate bias positive," said the technical research analysts of Bajaj Broking.

Stocks To Buy Today

On Thursday, October 16, Mehta Equities Ltd's technical analyst Riyank Arora recommended buying two stocks.

BEML

Buy | CMP: Rs 4,471 | SL: Rs 4,300 | Target: Rs 4,750 / Rs 4,900

BEML is witnessing strong buying traction after forming a higher base near ₹4,300. The stock is trading with robust momentum, supported by rising defence sector optimism. RSI and MACD indicators suggest further strength ahead. Holding above ₹4,471 may push prices toward ₹4,750 and ₹4,900. Traders should keep a stop-loss at ₹4,300 to manage downside risk.

MTAR Technologies

Buy | CMP: Rs 2,205 | SL: Rs 2,120 | Target: Rs 2,350 / Rs 2,420

MTAR Technologies continues to trade in a positive structure, maintaining its uptrend with strong volume support. The stock has shown a bullish crossover on the daily chart, signaling further upside potential. Sustaining above ₹2,205 could lead to a rally toward ₹2,350 and ₹2,420. A stop-loss at ₹2,120 is advised for positional traders to protect profits.

Disclaimer

The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred to as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.