Stocks To Buy Today, Oct 17: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Friday

The Nifty index edged closer to its four-month highs on Thursday after registering a strong bullish breakout. With a robust gap-up beginning to the session, the bulls maintained control throughout the day, compelling bears to unwind their short bets. The index keeps up its strong bullish structure, making higher highs and higher lows to highlight its ongoing upward trend. As buyers continued to be aggressive at lower levels, the Nifty reaffirmed the breakthrough and opened up further upside potential on Thursday, rising 261.75 points to end at 25,585.30.

The Nifty Bank index moved closer to its all-time high of 57,628 on Thursday as it continued its strong positive trend. Bulls maintained strong control throughout the day, forcing bears to unwind their short positions, and the session began with a solid gap-up. With consistent higher highs and higher lows that show ongoing buying vigor, the index maintains its strong bullish structure. The Nifty Bank closed at 57,422.55, up 622.65 points on Thursday, confirming the breakout and opening up more upside potential as buyers continued to be aggressive at lower levels.

The India VIX jumped by 3.18% on Thursday, although it is still trading close to historically low levels, indicating that traders are still calm and focused on risk-reduction tactics.

Nifty Outlook Today

"The Nifty has decisively broken out above multiple resistance zones and continues to exhibit a strong bullish setup. The index's position well above its short- and medium-term moving averages, both sloping upward, signals a firm underlying support base. Consistent put writing at at-the-money strikes further highlights traders' conviction in the ongoing uptrend," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"A sustained move above the 25,650 resistance zone could spark follow-up buying and a short-covering rally, potentially propelling the index toward 25,800 in the near term. On the downside, immediate support rests at 25,300-25,350, where buying interest is expected to cushion any declines. As long as the index trades above this support zone, bullish momentum is likely to persist. A "Buy-on-Dips" strategy remains favorable, with a decisive close above 25,650 confirming the next leg of the uptrend," he further commented.

Bank Nifty Outlook Today

"The Nifty Bank index has sustained its upward trajectory, closing firmly above the 57,000 mark and just short of its all-time high, reinforcing a strong continuation pattern. The index remains comfortably positioned above its 10-day and 20-day exponential moving averages, both trending upward - a sign of a resilient bullish setup. Consistent put writing at at-the-money strikes further reflects traders' confidence in the ongoing uptrend, even as market participants remain cautiously optimistic," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"A sustained move above the 57,600 all-time high zone could trigger fresh follow-up buying and short-covering, propelling the index toward 58,200 in the near term. On the downside, immediate support lies at 57,000-56,900, where strong buying interest is expected to cushion declines. As long as the index sustains above this zone, the prevailing bullish momentum is likely to persist. A "Buy-on-Dips" strategy remains favorable, with a firm close above 57,600 expected to confirm the next leg of the rally toward uncharted territory," Dhupesh Dhameja further added.

Stocks To Buy Today

Technical analyst Riyank Arora of Mehta Equities Ltd. recommended buying two stocks on Friday, October 17.

Ather Energy

Buy | CMP: Rs 688 | SL: Rs 660 | Target: Rs 740 / Rs 770

Ather Energy is trading with strong bullish momentum after a recent consolidation breakout. The stock has maintained higher highs and higher lows, reflecting steady accumulation. Volume patterns suggest active buying interest. Sustaining above ₹688 may push the price toward ₹740 and ₹770. A strict stop-loss at ₹660 is advised to protect profits amid market volatility.

Crizac

Buy | CMP: Rs 290 | SL: Rs 275 | Target: Rs 320 / Rs 340

Crizac has shown a strong rebound from its recent support zone and is now forming a bullish structure on the daily chart. The price is comfortably above short-term moving averages, supported by rising volumes. RSI confirms renewed buying strength, indicating further upside potential. Sustaining above ₹290 could take the stock toward ₹320 and ₹340. Traders should maintain a stop-loss at ₹275.

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