Stocks To Buy Today, Sept 22: Top Picks By Riyank Arora of Mehta Equities For Profitable Trading On Monday

Although there was some profit-taking, the Nifty index has now recorded three straight positive weekly closings, indicating solid underlying strength. Additionally, the index reaffirmed its bullish vigor by closing above both its nine-week high and the pivotal 25,200 prior swing high. Despite minor profit-booking, the Nifty Bank index recorded its third consecutive weekly climb, indicating robust underlying strength in the previous week.

Additionally, the index strengthened its bullish bias by closing above its three-week high and beyond the pivotal swing threshold of 55,300. Near its all-time low, the India VIX gained 0.83% to 9.96. Such subdued volatility reflects measured optimism, as market participants refrain from aggressive hedging despite intraday swings.

Markets will respond in the week to the executive order issued by the US President that will impose an annual charge of $100,000 on H-1B visas. Market participants will also be paying attention to HSBC's Composite, Manufacturing, and Services PMI flash forecasts for September, which are set to be released on September 23.

Nifty Outlook Today

"Nifty's broader bullish undertone remains well intact, with three straight weekly gains and a close above nine-week highs underscoring persistent dip-buying. While call writers have turned aggressive near at-the-money strikes, put writers have largely held their ground, creating a setup conducive for consolidation or sideways trade. As long as the index sustains above the 25,200-25,250 support zone, buyers are expected to stay active," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"On the upside, a decisive move above 25,500 could open the path toward the 26,000 mark. Adding to the optimism, continued FPI short-covering and a notable reduction in their net short exposure are supporting sentiment. While intermittent profit-booking may surface due to stretched levels, the broader structure remains firmly in favour of the bulls, keeping buy-on-dips as the preferred approach," the analyst added.

Bank Nifty Outlook Today

"Nifty Bank's broader trend remains firmly positive, with three consecutive weekly gains and a close above recent highs highlighting consistent dip-buying. While call writers have turned more aggressive at higher strikes, put writers have held their ground, indicating a market setup favouring consolidation with a bullish bias," Dhupesh Dhameja commented.

"As long as the index sustains above the 55,100-55,200 support band, buyers are expected to stay active. On the upside, a decisive break above 56,000 could open the path toward the 56,750 mark. Adding to the optimism, persistent FPI short-covering and a notable reduction in their net short exposure are lending further support to sentiment. While occasional profit-booking may surface due to elevated levels, the broader setup remains tilted in favour of the bulls, keeping buy-on-dips as the preferred strategy," he further added.

Stocks To Buy Today

Technical analyst Riyank Arora of Mehta Equities Ltd. recommended buying the below stocks on Monday, September 22.

Ola Electric

Buy | CMP: Rs 57.67 | Stop-loss: Rs 55 | Target: Rs 62 / Rs 66

Ola Electric is maintaining bullish momentum, supported by healthy volumes and steady price action. The stock has rebounded from recent lows and is positioned well above its support levels. RSI is indicating a positive trend, suggesting further upside. Sustaining above ₹57.67 could open the way toward ₹62 and ₹66. A stop-loss at ₹55 is recommended to safeguard against volatility.

Asian Paints

Buy | CMP: Rs 2,481 | Stop-loss: Rs 2,420 | Target: Rs 2,560 / Rs 2,600

Asian Paints has bounced strongly from its support zone and is now trading comfortably above its short-term moving averages. The stock is showing consistent accumulation with RSI moving upward, indicating strong momentum. Sustaining above ₹2,481 can push the stock toward ₹2,560 and ₹2,600. Traders may initiate long positions while keeping a stop-loss at ₹2,420 to limit downside risk.

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