Stocks To Buy Today, Oct 24: Top 4 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Friday

Nifty Bank reached a new all-time high of 58,577.50 and finished the day at 58,078.05, up 0.12%, continuing its record-setting upward trend for yet another session, while Nifty ended the previous session at 25,891.40, up 0.09%, after reaching an intraday high of 26,104.20—edging closer to its lifetime high of 26,277.35. Meanwhile, despite continued uncertainty, the India VIX, a key gauge of market volatility, increased 3.85% to 11.73. The US CPI data for September 25 and the US and Indian Manufacturing and Services PMI are two important macroeconomic announcements on Friday. Investors would pay particular attention to the Q2 earnings of SBI Life Insurance, SBI Card, Dr. Reddy's, Aditya Birla AMC, ITC Hotels, and Coforge, among others.

Nifty Outlook Today

"On the hourly chart, a mild loss of momentum is visible, though the short-term trend remains constructive unless the index closes below 25,780. The widening gap between the short-term moving averages highlights the strength of the prevailing uptrend, though it also indicates that the index is slightly overstretched in the near term," said Om Mehra, Technical Research Analyst, SAMCO Securities.

"The RSI, hovering near 73, continues to reflect firm momentum, while the MACD stays in the positive zone with an upward histogram. The support is placed at 25,700; however, a mean reversion or time-based consolidation cannot be ruled out before the next leg of the upmove unfolds. Overall, the outlook remains positive, and dips toward the support zones may lead to renewed participation," said Om Mehra.

Bank Nifty Outlook Today

"The index holds comfortably above all key moving averages. However, on the hourly chart, mild weakness appears. The daily RSI, hovering near 76, remains elevated in overbought territory. The MACD stays firmly in the positive zone, with its histogram still rising but at a slower pace, indicating that short-term momentum may remain moderate. The support remains near 57,800-57,700, and unless the index closes below this zone twice consecutively, the ongoing trend will continue to remain bullish," commented Om Mehra, Technical Research Analyst, SAMCO Securities.

"Nifty Private Bank Index advanced 0.49% to end at 28,567.10, while the Nifty PSU Bank Index inched 0.28% higher to settle at 7,875.35. A buy-on-dip approach can be maintained; however, minor consolidation or mean reversion at higher levels would be considered healthy within the broader uptrend," he further added.

Stocks To Buy Today

Technical analyst Riyank Arora of Mehta Equities Ltd. suggested buying 4 stocks on Friday, October 24.

Reliance Industries

Buy | CMP: Rs 1,448 | SL: Rs 1,420 | Target: Rs 1,500 / Rs 1,540

Reliance Industries is forming a bullish base around ₹1,440 levels, indicating steady accumulation by investors. A move above ₹1,455 could strengthen momentum for targets of ₹1,500 and ₹1,540. RSI indicates rising strength, supporting a positive short-term outlook. Maintain a stop-loss at ₹1,420.

Infosys

Buy | CMP: Rs 1,528 | SL: Rs 1,495 | Target: Rs 1,570 / Rs 1,600

Infosys has given a breakout from its consolidation zone, with improving volume and a bullish crossover on technical indicators. The stock shows potential for continuation toward ₹1,570 and ₹1,600. Sustaining above ₹1,520 will confirm the positive bias. Stop-loss is advised at ₹1,495.

Shipping Corporation of India (SCI)

Buy | CMP: Rs 244.72 | SL: Rs 238 | Target: Rs 260 / Rs 265

Shipping Corporation of India is witnessing steady accumulation with increasing volume support. The stock has formed a strong base near ₹238 and is showing signs of a potential breakout. Momentum indicators point to further upside, and sustaining above ₹244 could lead to gains toward ₹260 and ₹265. A stop-loss at ₹238 is advised.

Ola Electric

Buy | CMP: Rs 53.12 | SL: Rs 50 | Target: Rs 58 / Rs 60

Ola Electric has shown early signs of recovery after forming a base near ₹50. The stock is witnessing improved momentum and steady buying interest. A close above ₹54 could trigger a short-term breakout toward ₹58 and ₹60. Traders can maintain a stop-loss at ₹50 for risk management.

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