Stocks To Buy Today, Sept 29: Top Picks By Riyank Arora of Mehta Equities For Profitable Trading On Monday

Last week saw significant selling pressure on Indian equity markets, as benchmark indices fell more than 2.5 per cent, snapping their three-week positive run. The Nifty index wrapped up Friday with significant losses, plunging 236.15 points to settle at 24,654.70, marking the worst weekly drop in the last six months and wiping out the gains of the previous two weeks. During the week, the Nifty Bank index experienced strong selling pressure, almost erasing the gains from the previous two weeks. It closed the week 586.5 points down at 54,389.35. With significant intraday fluctuations and growing global uncertainty, the India VIX increased 5.96% to 11.42, indicating a surge in volatility.

Nifty Outlook Today

"On the weekly chart, the index fell 2.65%. The close below the 20-SMA and 50-SMA signals a short-term setback. The immediate support is placed at 24,500, and a break below this zone could accelerate the decline towards 24,400. On the upside, the 24,800-25,000 zone has become strong resistance, and only a sustained move above this band would signal a return to stability," said Om Mehra, Technical Research Analyst, SAMCO Securities.

"The RSI has slipped to 39, reflecting a loss of strength, while the MACD has turned negative with a bearish crossover and red histogram bars. The near-term setup has weakened considerably, with India VIX at 11.43, up 6.03%. A cautious approach is warranted at current levels, though a short-term bounce from oversold territory cannot be ruled out," stated Om Mehra.

Bank Nifty Outlook Today

"On the weekly chart, the index fell 1.93%. The index has slipped beneath the 61.8% retracement at 54,430 and ended close to the 78.6% retracement at 54,100. A break below this level could expose the next support near 54,000, followed by 53,800. On the higher side, 54,700-54,800 now acts as immediate resistance, with a sustained close above this zone required for any reversal. Nifty Bank remains well below the 20- and 50-SMA, reflecting a weakening short-term structure," commented Om Mehra.

"The RSI has cooled to 41, moving closer to the oversold zone, while the MACD has widened its bearish crossover. The near-term setup remains weak, and further downside cannot be ruled out if 54,430 fails to hold. However, a pullback attempt may also emerge. A cautious approach is advisable unless the index reclaims 54,700 decisively," the analyst further added.

Stocks To Buy Today

Riyank Arora, a technical analyst at Mehta Equities Ltd., recommended buying two stocks on Monday, September 29.

Tata Motors

Buy | CMP: Rs 672 | SL: Rs 650 | Target: Rs 710 / Rs 735

Tata Motors has rebounded from support zones and is currently trading above key short-term averages. The stock's structure shows resilience, with volumes indicating accumulation. RSI is also trending positively, reflecting bullish momentum. A sustained move above ₹672 could drive the stock higher toward ₹710 and ₹735. Traders may consider long positions with a protective stop-loss at ₹650 to limit downside risk and ride the uptrend.

BEL

Buy | CMP: Rs 396 | SL: Rs 382 | Target: Rs 420 / Rs 435

BEL is holding steady near its breakout zone, supported by consistent demand and strong sectoral outlook. The stock is trading comfortably above short-term moving averages, with RSI signaling further strength ahead. Sustaining above ₹396 could take BEL toward ₹420 and ₹435 in the near term. Traders are advised to initiate fresh longs while keeping a stop-loss at ₹382 to safeguard against adverse market moves.

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