Stocks To Buy Today, Sept 16: Top Picks By Riyank Arora of Mehta Equities For Profitable Trading On Tuesday

The Nifty closed the previous session at 25,048.75, down 0.18%, ending its winning run. The RSI is heading into the positive area after improving to 59. Even as underlying momentum tries to gain strength, the ADX stays modest, suggesting consolidation.

Following a period of some pause, Nifty Bank closed the day at 54,887.85, up 0.14%. The Nifty Bank index is still battling to stay above the psychological threshold of 55,000. Nevertheless, the index solidly defended the pivotal 54,500 zone, extending its winning run to a ninth straight session.

The India VIX increased by 2.72% to 10.39, yet volatility is still low. These subdued values indicate calibrated confidence as market players avoid aggressive hedging amid bumpy intraday fluctuations, pointing to potential consolidation rather than panic-led swings.

Nifty Outlook Today

"Nifty index is witnessing mild profit-booking while hovering near key resistances. Ahead of expiry, both call and put writers have built heavy positions around at-the-money strikes, increasing the likelihood of a range-bound settlement. That said, with the index stretched away from the 10-DEMA, minor profit-booking or time-wise consolidation remains a possibility," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"A sustained move above 25,150 could trigger meaningful short-covering, opening the path toward 25,250. Until then, the continuation of higher highs and higher lows reinforces the bullish structure, and buying on dips remains the preferred approach as long as the 25,000 base holds firm," commented Dhupesh Dhameja.

Bank Nifty Outlook Today

"The Nifty Bank index is grappling with the round-number barrier of 55,000, where heavy call writing continues to create resistance. Both PSU and private banks are showing strength, lending support to the ongoing uptrend. At-the-money put writing further reinforces 54,500 as a solid floor for the index," Dhupesh Dhameja stated.

"The broader structure remains constructive, with support levels gradually shifting higher toward 54,300-54,500 and the continuation of higher highs and higher lows signaling bullish undertones," he added.

"That said, the 55,000 mark along with the 50-DEMA is likely to act as near-term resistance, potentially leading to mild profit-taking or sideways consolidation. A sustained close above 55,150 could unleash a wave of short covering, paving the way for an advance toward 55,500. Until then, dips are expected to draw buying interest as long as the index holds firmly above its key base support," Dhupesh Dhameja further highlighted.

Stocks To Buy Today

Technical analyst Riyank Arora of Mehta Equities Ltd. recommended a list of stocks that might see significant intraday gains today.

Godawari Power & Ispat (GPIL)

Buy | CMP: Rs 270.15 | SL: Rs 260 | Target: Rs 285 / Rs 295

GPIL is showing signs of recovery after finding support around the Rs 260 zone. The stock is gradually moving higher and is now trading above short-term moving averages. RSI is turning positive, pointing to renewed strength. If it sustains above Rs 270.15, an upside toward Rs 285 and Rs 295 is likely. Traders can initiate fresh buy positions with a stop-loss at Rs 260 to manage risk.

RailTel - Buy | CMP: Rs 399.70 | SL: Rs 385 | Target: Rs 420 / Rs 435

RailTel continues to display a positive trend, supported by strong buying interest at lower levels. The stock is holding above its key averages with RSI trending higher, which suggests ongoing momentum. Sustaining above Rs 399.70 could trigger an up move toward Rs 420 and Rs 435 in the short term. Fresh long positions can be initiated with a stop-loss at Rs 385 to limit downside risk.

Disclaimer

The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred to as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.