Stocks To Buy Today, Oct 23: Top 4 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Thursday

Ahead of the Muhurat trading session, the Nifty index closed higher for the fourth straight day, continuing its winning run. With significant follow-through buying demand, the Nifty maintained levels above its breakthrough level on Monday, rising 133.30 points to close at 25,843.15.

The Nifty Bank index maintained above the lower bound of its previous all-time high breakout with strong follow-through buying demand, closing at 58,033.20, up 319.85 points to record its fourth straight positive close.

Monday's modest 2.32% drop in the India VIX kept it at historically low levels. In spite of ongoing global uncertainty, players are strategically positioned with rigorous risk management, reflecting a calm and confident market setting. The low level of volatility reflects cautious optimism and consistent involvement from both investors and traders.

Nifty Outlook Today

"Nifty continues to exhibit a strong bullish setup, with every dip being swiftly bought into-a hallmark of a healthy uptrend. While the index appears slightly overextended, this phase offers opportunities for accumulation in line with the prevailing higher high-higher low formation. Persistent put writing at lower strikes further signals confidence among traders in the ongoing rally. A sustained move above the 26,000 mark could ignite fresh buying momentum and trigger short-covering, potentially driving the index towards 26,300 in the near term," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"On the downside, immediate support is placed around 25,600-25,700, where strong demand is expected to limit any short-term corrections. As long as the Nifty trades above this critical support band, the broader trend remains decisively bullish. Traders are advised to maintain a "Buy-on-Dips" strategy, with a decisive close above 26,000 likely to unleash the next leg of the uptrend," he further added.

Bank Nifty Outlook Today

"Nifty Bank index extended its rally to a new all-time high, reaffirming a decisive breakout backed by solid follow-through momentum. The rally remains broad-based, with both public and private sector banks contributing meaningfully to the uptrend. The higher high-higher low formation continues to illustrate a healthy and sustainable bullish structure. Moreover, persistent put writing at at-the-money and slightly out-of-the-money strikes reflects traders' firm conviction in the ongoing upward trend," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"A sustained move above the 58,200 resistance band could ignite fresh long positions and trigger short covering, potentially propelling the index toward the 58,500 mark in the near term. On the downside, immediate support lies between 57,500-57,600, where strong buying interest is likely to limit any short-term pullbacks," he added.

"As long as the index remains above the 57,500 zone, the broader trend stays decisively bullish. A "Buy-on-Dips" strategy remains the preferred approach, with a close above 58,100-58,200 expected to unfold the next leg of the uptrend," Dhupesh Dhameja further highlighted.

Stocks To Buy Today

On Thursday, October 23, Riyank Arora, a technical analyst at Mehta Equities Ltd., recommended buying four stocks.

Tanla Platforms

Buy | CMP: Rs 636 | SL: Rs 610 | Target: Rs 675 / Rs 700

Tanla Platforms is witnessing fresh accumulation after a brief pause, supported by improving volume activity. The stock is forming higher lows, reflecting strong investor interest. RSI is showing a bullish crossover, suggesting more upside potential. Holding above ₹636 could lead to gains toward ₹675 and ₹700. A stop-loss at ₹610 is recommended.

Hindustan Zinc

Buy | CMP: Rs 486 | SL: Rs 470 | Target: Rs 510 / Rs 525

Hindustan Zinc is showing resilience near its support zone and trending upward with rising volume participation. The stock remains above its short-term moving averages, signaling strength in structure. RSI also supports further upside momentum. Sustaining above ₹486 could take the stock toward ₹510 and ₹525. Traders should keep a stop-loss at ₹470 to manage risk effectively.

Trent

Buy | CMP: Rs 4,828 | SL: Rs 4,700 | Target: Rs 5,050 / Rs 5,200

Trent continues to outperform broader markets, supported by strong institutional buying and robust price structure. The stock remains in a steady uptrend, holding comfortably above its 20-day EMA. Sustaining above ₹4,828 could push the stock toward ₹5,050 and ₹5,200 in the near term. A stop-loss at ₹4,700 is recommended for positional traders.

Granules India

Buy | CMP: Rs 571 | SL: Rs 550 | Target: Rs 610 / Rs 630

Granules India has given a fresh breakout on the daily chart, supported by strong volume and bullish momentum. The stock's trend remains positive, with RSI indicating continued strength. Holding above ₹571 could drive further gains toward ₹610 and ₹630 levels. Traders can look to enter at current levels while keeping a stop-loss at ₹550 to protect profits.

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.