Stocks To Buy Today, Oct 9: Top 4 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Thursday

Nifty Bank fell 221.10 points to settle at 56,018.25 on Wednesday, just over its key make-or-break support, while Nifty fell 62.15 points to close at 25,046.15, just above its key make-or-break zone. India VIX continued its recovery from historically low levels on Wednesday, rising by 2.61%. The increase shows that traders are still using protective hedging strategies, which ensures careful risk management in the face of growing uncertainty.

Nifty Outlook Today

"Nifty index has begun to show fatigue at higher levels, with two consecutive Shooting Star formations confirming persistent selling pressure. Wednesday's decline broke the index's recent winning streak, with a close below the previous day's low signalling a possible pause in bullish momentum. The 25,000 mark now serves as a pivotal battleground for bulls and bears. A sustained move below this level could validate further downside pressure and signal a false bullish breakout," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"On the contrary, heavy call writing near 25,200-25,250 suggests that the upside remains capped in the near term. As long as Nifty holds above the 24,900-24,950 support zone, buyers are likely to defend lower levels. A decisive breakout above 25,200, however, could trigger renewed buying interest and pave the way for a move toward 25,500. Until then, a sideways-to-range-bound trading outlook remains dominant," the analyst added.

Bank Nifty Outlook Today

"The Nifty Bank index has witnessed visible hesitation at higher levels, with two consecutive Doji formations pointing to a pause in bullish momentum. The index also broke its recent winning streak, ending the session lower and near its previous day's low-a sign of short-term fatigue. However, the 56,000 mark continues to act as a crucial battleground. A sustained close below this level could invite further profit booking and signal a short-term pullback," Dhupesh Dhameja stated.

"Conversely, heavy call writing around the 56,300-56,500 zone indicates that the upside remains capped unless the index decisively breaks above it. As long as Nifty Bank holds above the 55,800-55,700 support band, dips are likely to attract buyers. A breakout beyond 56,300 could unlock momentum for a rally toward 56,700, while the near-term structure remains sideways with a positive bias," Dhupesh Dhameja further commented.

Stocks To Buy Today

Mehta Equities Ltd's technical analyst Riyank Arora recommended buying 4 stocks on Thursday, October 9.

Laxmi India Finance

Buy | CMP: Ra 151 | SL: Rs 140 | Target: Rs 165 / Rs 175

Laxmi India Finance is showing signs of strength after a minor pullback, trading above near-term averages with steady buying volumes. RSI indicates increasing momentum. Sustaining above ₹151 can push the stock toward ₹165 and ₹175. Traders can initiate fresh positions with a stop-loss at ₹140 to manage risk effectively.

EMIL

Buy | CMP: Rs 146 | SL: Rs 138 | Target: Rs 158 / Rs 165

EMIL has bounced from support near ₹138, showing healthy buying activity and positive price structure. The stock is holding above short-term averages with improving RSI readings, suggesting further upside potential. Sustaining above ₹146 could drive the stock toward ₹158 and ₹165. Traders may consider buying with a stop-loss at ₹138 to protect against downside volatility.

Nykaa

Buy | CMP: Rs 262 | SL: Rs 250 | Target: Rs 280 / Rs 295

Nykaa continues to show resilience, holding firm above its key support zone near ₹250. The stock has witnessed consistent buying interest with improving RSI, hinting at a potential breakout. Sustaining above ₹262 could lead to further gains toward ₹280 and ₹295 in the near term. Traders can look to buy at current levels while maintaining a stop-loss at ₹250 for safety.

Ather Energy

Buy | CMP: Rs 630 | SL: Rs 600 | Target: Rs 680 / Rs 710

Ather Energy is gaining momentum after a brief consolidation phase, trading above its short-term averages. Strong buying activity and positive RSI readings suggest renewed investor interest. The structure remains bullish, with potential for a move toward ₹680 and ₹710 if it sustains above ₹630. Traders can accumulate at current levels, keeping a stop-loss at ₹600 to manage volatility effectively.

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