Stocks To Buy Today, Oct 31: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Friday

The Indian stock market saw selling pressure all day on October 30 and closed the session on a negative note. The Nifty fell 176.05 points, or 0.68%, to end at 25,877.85, while the Sensex fell 592.67 points, or 0.70%, to conclude at 84,404.46. Meanwhile, there was a minor increase in market uncertainty as the India VIX, a measure of market volatility, shot up by 0.79% to 12.07.

Nifty Outlook Today

"The index formed a bearish candlestick pattern with a lower high and lower low signaling profit booking at higher levels near 26,100 levels. In the last six sessions, on expected lines Nifty has been moving sideways within a range of 26,100-25,700, and this consolidation is likely to extend. A breakout above 26,100 could push the index towards its previous all-time high of 26,277 and then to 26,500 in the near term. The broader market trajectory continues to exhibit a bullish bias, reaffirming that the primary uptrend remains firmly in place. The ongoing phase of consolidation is best interpreted as a healthy retracement and time correction following a sharp 1,500-point up move over the past four weeks. Strong support is seen around 25,700-25,500, which is likely to hold as it marks the recent breakout zone," commented the technical research analysts of Bajaj Broking.

Bank Nifty Outlook Today

"The index formed a small bear candle as it snapped its three sessions up move signaling profit booking at higher levels. Going ahead, a decisive move above last week's high of 58,577 would confirm a breakout continuation, paving the way for a rally towards 59,000 and 59,300, which correspond to the 138.2% Fibonacci projection of the recent correction (57,628-53,561). However, failure to clear this level may result in range-bound movement between 58,600 and 57,300 in the near term. On the downside, immediate support is seen around 57,300-57,500, aligning with the previous breakout zone, while a stronger support base lies near 56,800-56,500. Overall, the outlook remains positive, and any pullbacks should be viewed as buying opportunities within these support areas," commented the technical research analysts of Bajaj Broking.

Stocks To Buy Today

On Friday, October 31, Mehta Equities Ltd's technical analyst Riyank Arora recommended buying two stocks.

HUDCO

Buy | CMP: Rs 240 | SL: Rs 230 | Target: Rs 255 / Rs 265

HUDCO has been trading in a steady uptrend with consistent higher highs and higher lows. The stock is comfortably placed above all key moving averages, reflecting strong technical support. A breakout above ₹242 could trigger further strength toward ₹255 and ₹265. Traders may accumulate on dips while keeping a stop-loss at ₹230 to protect profits.

ITC Hotels

Buy | CMP: Rs 218.18 | SL: Rs 210 | Target: Rs 230 / Rs 240

ITC Hotels has shown positive momentum, bouncing from its short-term moving average support. The stock is displaying a strong reversal pattern with rising volume, suggesting accumulation at current levels. Sustaining above ₹218 could push the stock toward ₹230 and ₹240 in the near term. A stop-loss at ₹210 is recommended to manage downside risk.

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