Stocks To Buy Today, Oct 30: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Thursday

For the first time in almost a year, the Nifty index recovered the 26,000 mark in the previous session, starting the November series on a positive and strong note. The Nifty rose 117.70 points to close at 26,053.90 on Wednesday, the first session of the new series. In keeping with its prevailing optimistic tone, the Nifty Bank index began the November series on a positive one, holding well above the 58,000 level and edging closer to its record highs.

The index closed at 58,385.25 on Wednesday, the first trading session of the November series, with a modest gain of 171.15 points. The India VIX saw a slight 0.17% increase on Wednesday, but it still indicates a steady and optimistic market environment. Despite global challenges, traders seem to be implementing disciplined methods for managing risks. A period of moderate optimism and consistent involvement from both institutional and retail groups is reinforced by the reduced volatility backdrop.

Nifty Outlook Today

"The Nifty index commenced the November series on a positive footing, reclaiming the psychological 26,000 level after nearly a year. Most sessions concluded in the green, with every intraday dip being swiftly absorbed-a hallmark of a strong and healthy uptrend. While the index appears slightly overextended in the short term, the ongoing consolidation provides a constructive setup for renewed accumulation in line with its higher high-higher low formation. Persistent put writing at lower strikes further underscores traders' confidence in the prevailing bullish momentum," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"A sustained move above the 26,100 level could trigger fresh long build-ups and short-covering rallies, propelling the index towards 26,300 in the near term. On the downside, strong buying support is anticipated in the 25,700-25,800 zone, which is expected to act as a firm cushion against short-term declines. As long as the index maintains above this crucial support band, the broader trend remains decisively bullish. Traders are advised to continue adopting a "buy-on-dips" strategy, as a decisive close above 26,100 may open the gates for the next leg of the rally," he further added.

Bank Nifty Outlook Today

"Nifty Bank commenced the November series with a positive bias, holding just below its record peak, as most sessions concluded in the green and every intraday dip found strong buying support - a hallmark of a healthy uptrend. While the index appears slightly extended in the short term, the ongoing consolidation phase offers an ideal setup for fresh accumulation in line with its higher high-higher low formation. Persistent put writing at lower levels further highlights traders' conviction in the prevailing bullish sentiment," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"A sustained move above the 58,600 level could trigger fresh long build-ups and short-covering, potentially propelling the index toward the 59,000 mark in the near term. On the downside, robust buying interest is expected around the 58,000-57,800 zone, which should act as a cushion against any short-term declines. As long as the index remains above this vital support band, the broader structure continues to favour the bulls. Traders are advised to maintain a "Buy-on-Dips" approach, as a decisive close above 58,600 may pave the way for the next leg of the rally toward new all-time highs," Dhupesh Dhameja stated.

Stocks To Buy Today

Riyank Arora, a technical analyst at Mehta Equities Ltd., suggested purchasing two stocks on Thursday, October 30.

Suzlon Energy

Buy | CMP: Rs 58.25 | SL: Rs 56 | Target: Rs 61 / Rs 63

Suzlon continues its uptrend, supported by strong momentum and rising investor interest in renewable energy stocks. The stock's price action above ₹58 signals strength, while RSI remains comfortably in the positive zone. A breakout above ₹59 could accelerate the next leg of the rally toward ₹61 and ₹63. A stop-loss at ₹56 is suggested for positional traders.

Hindustan Zinc

Buy | CMP: Rs 485 | SL: Rs 470 | Target: Rs 505 / Rs 520

Hindustan Zinc is trading in a strong upward channel, supported by bullish metal sector cues. The stock has rebounded smartly from support levels near ₹470, confirming trend continuation. Momentum indicators reflect positive bias, and sustaining above ₹485 could lead to targets of ₹505 and ₹520. A stop-loss at ₹470 is recommended to manage risk.

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