Stocks To Buy Today, Sept 24: Top Picks By Riyank Arora of Mehta Equities For Profitable Trading On Wednesday

The prior session on the weekly expiry day saw turbulent fluctuations on the Nifty index, with neither side clearly establishing dominance. The benchmark closed below the previous day's high for the fourth consecutive session, extending its losing streak and indicating that market players are still exercising caution. Although the Nifty Bank index beat the benchmark Nifty, it closed below the previous day's high for the third straight session, indicating that positive momentum is still under check. India VIX inched up 0.64% to 10.62, mirroring heightened uncertainty from global developments. However, with the fear gauge still near historical lows, traders appear reluctant to take on aggressive hedges despite evident intraday swings.

Nifty Outlook Today

"Nifty's broader uptrend has slipped into a pause mode after four straight sessions of lower closes and two consecutive indecisive candles on the daily chart. The 25,100 zone has emerged as a crucial support to defend in order to sustain the bullish structure. While call writers have turned aggressive at at-the-money strikes, put writers are gradually conceding ground and shifting to lower levels, pointing to a consolidation bias. As long as the index remains capped below 25,250-25,300, sellers are likely to stay active. A decisive break below 25,100 could trigger a slide toward 24,900, keeping the near-term bias sideways to bearish," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"Nifty Bank remains confined within a narrow consolidation range, unable to close above its prior day's high for four straight sessions. The index is currently testing the key 55,600 resistance, and a sustained breakout above this level could unlock fresh bullish momentum. While call writers have tightened their grip at at-the-money strikes, put writers continue to hold ground with consistent additions, reinforcing a consolidation bias. As long as the index oscillates within the 55,600-55,000 band, no clear directional trend will emerge. A decisive breakout beyond this range will set the stage for the next move, with the immediate bias until then, is expected to remain sideways to neutral," commented Dhupesh Dhameja.

Stocks To Buy Today

On Wednesday, September 24, technical analyst Riyank Arora of Mehta Equities Ltd recommended buying the stocks named below.

Ola Electric

Buy | CMP: Rs 57.67 | SL: Rs 54 | Target: Rs 70

Ola Electric remains in a gradual uptrend with higher lows intact. Strong support lies near ₹54. A decisive move above ₹60 could lead to upside towards ₹70.

Asian Paints

Buy | CMP: Rs 2,481 | SL: Rs 2,440 | Target: Rs 2,600

Asian Paints has bounced from strong support zones. Momentum indicators reflect renewed buying interest. Holding above ₹2,440 keeps sentiment positive, with scope for a rally to ₹2,600.

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