Stocks To Buy Today, Sept 23: Top Picks By Riyank Arora of Mehta Equities For Profitable Trading On Tuesday

In contrast to Bank Nifty, which also began the previous session on a negative note, had a brief rebound, and ultimately finished on a bearish note at 55,285, Nifty opened on a bad note, stayed under pressure throughout the session, and settled down at 25,202. In contrast to earlier sessions, the India VIX increased 5.92% to close at 10.55, indicating a minor rise in investor caution and a spike in market volatility.

Nifty Outlook Today

"The index formed a high wave candle with a lower high and lower low signaling profit booking for the second session in a row. The price action underscores profit-booking pressure at elevated levels following a sharp 1,000-point rally over the past three weeks, which has propelled the daily stochastic oscillator into overbought territory. We expect the index to extend the last 2 sessions consolidation in the range of 25,500-25,000 zone. The immediate support base is seen at 25,100-24,900, which coincides with the confluence of the 20- and 50-day exponential moving averages (EMA) and a key Fibonacci retracement zone of the recent up move (24405-25448). We maintain a constructive view and believe the ongoing corrective pullback presents a tactical buying opportunity within the broader uptrend. On the upside, the index faces resistance at the 25,500-25,600 zone. A sustained breakout above this supply zone could trigger further upside in the coming weeks," said the research analysts of Bajaj Broking Research.

Bank Nifty Outlook Today

"The Bank Nifty has formed a bear candle with a lower high and lower low signaling profit booking for the second session in a row at the 61.8% retracement of the entire decline (57628-53561) placed around 56,000 levels. This price action underscores profit-booking pressure at elevated levels following a sharp 2300-point rally over the past three weeks, which has propelled the daily stochastic oscillator into overbought territory. Given the stretched near-term momentum indicators, a phase of consolidation appears likely within the 56,000-54,700 zone. Immediate support is placed at 54,700 levels being the confluence of the last week low and 20 days EMA. While key support is placed at 54,000 levels being the key retracement of the entire decline. We maintain a constructive view and believe the ongoing corrective pullback presents a tactical buying opportunity. On the upside, the index faces initial resistance at the 56,000 zone. A sustained breakout above this supply zone could trigger a fresh leg of momentum, potentially opening the gates for a move towards the 57,000 marks in the coming weeks," commented the research analysts of Bajaj Broking Research.

Stocks To Buy Today

On Tuesday, September 23, Mehta Equities Ltd. technical analyst Riyank Arora recommended buying the stocks indicated below.

Sambhv Steel

Buy | CMP: Rs 121.64 | SL: Rs 116 | Target: Rs 130 / Rs 138

Sambhv Steel has rebounded from its support zone with encouraging volumes. The stock is trading above short-term averages, suggesting renewed accumulation. RSI is firming up, pointing to further strength. A sustained move above ₹121.64 can take it toward ₹130 and ₹138. Traders can consider fresh long positions while keeping a stop-loss at ₹116 to safeguard against volatility.

GMDC Ltd

Buy | CMP: Rs 565 | SL: Rs 545 | Target: Rs 595 / Rs 610

GMDC Ltd is holding firm after a period of consolidation and is showing signs of upward momentum. The stock remains above its key moving averages, reflecting strong undertone. RSI is inching higher, suggesting the potential for further gains. Sustaining above ₹565 could open targets of ₹595 and ₹610. A stop-loss at ₹545 is recommended to manage risk.

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