Stocks To Buy Today, Oct 1: Top Picks By Riyank Arora of Mehta Equities For Profitable Trading On Wednesday

The Nifty index ended its September series on a somewhat upbeat note, despite the trip being fraught with intraday whipsaws and volatility. Unrelenting selling pressure reappeared on the last day of the run, resulting in the eighth straight session of negative closing, which is an uncommon and significant occurrence. The short-term picture is strongly skewed to the downside since the benchmark has continuously been limited by strong resistance on every bounce.

Despite the period's extreme volatility and dramatic two-sided swings, the Nifty Bank index ended the September month with a subdued positive close. Participants are nonetheless optimistic about a positive conclusion as the index hangs close to a critical support zone ahead of Wednesday's MPC meeting, especially given PSU banks' tenacity throughout the previous two sessions. Nevertheless, the index has not yet produced a clear reversal despite this short-term momentum, as ongoing selling pressure has capped each increase and skewed the near-term pattern toward a sideways-to-weak trend.

The India VIX fell 2.64% to 11.06, although volatility is still high due to abrupt intraday fluctuations and unpredictability in global markets. A risk-averse climate is reflected in the recovery from historically low levels, which suggests traders are constructing aggressive hedges.

Nifty Outlook Today

"Nifty's broader structure remains fragile, with sentiment deteriorating further despite minor rebounds from oversold conditions. Sustained short-covering is yet to materialize, while every recovery attempt faces significant selling pressure. A visible pattern of successive lower highs and closes beneath key moving averages confirms the weakening trend. What once acted as a strong support base has now flipped into a stiff resistance zone," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"Meanwhile, aggressive call writing at at-the-money strikes and put writers shifting to lower bases highlight capped upside potential. As long as the index remains below the 24,800-24,850 resistance band, sellers are expected to hold the upper hand. A decisive break down below 24,550 could open the gates to further declines toward 24,300, keeping the near-term outlook tilted sideways to bearish," the analyst further added.

Bank Nifty Outlook Today

"Nifty Bank is attempting to carve a base ahead of the MPC outcome, with the last two sessions closing in the green. However, the index has yet to break above its previous day's high, leaving it at a crossroads before the key event. Despite intermittent rebounds from oversold levels, sustainable short-covering has not yet materialized, while selling pressure resurfaces at every rise. The visible pattern of lower highs on the daily chart and sustained trade beneath critical moving averages confirm the fragile tone," commented Dhupesh Dhameja.

"With call writers aggressively defending at-the-money strikes and put writers shifting positions to lower bases, upside appears restricted. As long as the index trades below the 55,000-55,200 resistance band, sellers are expected to retain control. A clear breakdown below 54,200 could open the gates for further downside toward 53,700, keeping the near-term outlook sideways to bearish," the analyst further added.

Stocks To Buy Today

Technical analyst Riyank Arora of Mehta Equities Ltd. recommended buying two stocks on Wednesday, October 1st.

Hindustan Zinc

Buy | CMP: Rs 482 | SL: Rs 468 | Target: Rs 500 / Rs 512

Hindustan Zinc has rebounded from support and is showing strong momentum on the charts. The stock is trading above near-term averages, with RSI pointing upward. A sustained move above ₹482 could push prices toward ₹500 and ₹512. Stop-loss is placed at ₹468 to protect against downside.

Indian Bank

Buy | CMP: Rs 750 | SL: Rs 730 | Target: Rs 780 / Rs 800

Indian Bank continues to display a positive trend, supported by accumulation at lower levels. The stock trades above its moving averages with improving momentum. Sustaining above ₹750 may lead to a rally toward ₹780 and ₹800. Traders should maintain a stop-loss at ₹730 to manage risk.

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