Stocks To Buy Today, Sept 30: Top Picks By Riyank Arora of Mehta Equities For Profitable Trading On Tuesday

The Nifty index continued to decline during the previous session, closing down for the seventh straight trading day. This made the structure more vulnerable before the monthly expiry. The Nifty dropped 19.80 points to settle at 24,634.90 on Monday, ending the day with slight losses. The Nifty Bank concluded Monday with slight gains of 71.65 points, closing at 54,461.00, halting its previous losing streak with a slightly positive close. With steep intraday swings and growing global uncertainty, the India VIX fell somewhat by 0.53% to 11.36, indicating an ongoing spike in volatility. A risk-averse approach is seen in traders' continued aggressive hedge construction as the fear gauge rises from historically low levels.

Nifty Outlook Today

"The index breached the previous session's low, suggesting that the prevailing weakness is intact and that further confirmation will be needed before any reversal can be considered. Nifty formed a bearish candle with shadows on both ends, indicating indecision. Nifty now hovers close to the 78.6% Fibonacci retracement level, positioned at 24,620, while remaining below all its key moving averages except the 200-DMA," said Om Mehra, Technical Research Analyst, SAMCO Securities.

"The index has also slipped beneath the previous uptrend line, which once acted as support but now remains as resistance. The RSI stands at 39, highlighting the weakening strength. A move below 24,600 may lead Nifty to test 24,500 and 24,400, the latter coinciding with the prior swing low. On the upside, a close above 24,880 would be necessary to resume the uptrend," the analyst further added.

Bank Nifty Outlook Today

"The index formed a long-legged doji, reflecting indecision and lacks any short-term trend. The RSI has slipped to 43 from its recent high above 57, while the MACD is hovering near a negative crossover. Nifty Bank continues to trade below the 9-, 20-, and 50-day EMAs. The current trend appears choppy and tilted to the weaker side, which may persist for a few more sessions," Om Mehra commented.

"The index is now hovering close to the 61.8% retracement level at 54,400, and a slip below this zone could pave the way for a further decline towards 54,000. On the higher side, 54,800 has turned into immediate resistance, followed by 55,000. A close above this zone would be required to signal a potential reversal. The short-term outlook remains slightly weak and may need more time to complete its correction," Om Mehra stated.

Stocks To Buy Today

On Tuesday, September 30, technical analyst Riyank Arora of Mehta Equities Ltd. suggested purchasing two stocks in order to trade profitably.

Nuvama

Buy | CMP: Rs 6,287 | SL: Rs 6,150 | Target: Rs 6,500 / Rs 6,600

Nuvama remains in a strong uptrend, holding firm above its support zone. The counter shows healthy accumulation and RSI is trending positively. Sustaining above ₹6,287 can extend the rally toward ₹6,500 and ₹6,600. A strict stop-loss at ₹6,150 is recommended.

Maruti

Buy | CMP: Rs 15,984 | SL: Rs 15,700 | Target: Rs 16,300 / Rs 16,600

Maruti has sustained higher levels after steady accumulation. The stock trades comfortably above its moving averages, indicating bullish strength. Holding above ₹15,984 can open the way to ₹16,300 and ₹16,600. A stop-loss at ₹15,700 should be maintained to limit risk.

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